Sources close to the LSCU reported positive news from Washington, D.C., yesterday. Treasury Secretary Mnuchin told the Senate Banking Committee today that he is likely to recommend that financial institutions under $10 billion in assets be exempted from certain supervisory requirements under the 2010 Dodd-Frank law.
Following the hearing, committee staff said it was their understanding that Mnuchin would make this recommendation as part of his first regulatory relief report in mid-June. Staff also said that the Secretary would not specify which rules would be included and suggested that details would be forthcoming in the report.
The administration issued an Executive Order in January mandating all regulators conduct a top-to-bottom review of their rules and produce a list of duplicative, burdensome, or unnecessary rules within 180 days. The LSCU will update you as more is learned.