Key takeaways

• On November 13, 2017, a bipartisan group of Senators announced their agreement on proposed legislation, the Economic Growth, Regulatory Relief and Consumer Protection Act, S.2155. This bill would provide regulatory relief for a range of banking organizations, primarily but not exclusively focused on smaller firms.
• We believe raising the Dodd-Frank Act's $50 billion asset threshold (which triggers application of enhanced prudential standards) has momentum in Washington and that this bill represents a significant step toward this change becoming law.
• In addition to detailing the bill’s proposed changes in applying enhanced prudential standards, we describe how the bill would reduce regulatory requirements for community banks, revise discrete aspects of the Volcker Rule, and require the Treasury Department and Securities and Exchange Commission to undertake studies of cyber risks and algorithmic trading.