Chairman Richard Shelby (R-AL) has scheduled a mark up of the regulatory relief bill in the Senate Banking Committee on Thursday, May 4. If your Senator is on the Banking Committee, please call and urge them to vote for the bill.

The bill is a companion to a broader bill that passed the House of Representatives in March by a wide margin. The Senate Banking Committee bill addresses several ACB priorities, including:

• Exemptions for savings associations so that they can offer trust services under the same rules that apply to banks.
• Expanded eligibility for the 18-month exam cycle by increasing the small institution exemption from $250 million to $500 million is assets.
• Elimination of the cap on valuation of mortgage servicing rights to 90 percent of fair value.
• Direction of the SEC to cease interference with certain securities transactions traditionally regulated by the banking agencies.
• Over 50 other provisions, most of which are supported by ACB.

The Senate bill offers solid progress and is an essential step toward our goals. We expect the bill to be improved with additional provisions in conference between the House and Senate.

We need your help to keep the bill moving. If your Senator serves on the Senate Banking Committee, please call (202) 224-3121, ask to be connected to their office, and ask that they vote for the bill.

If you have any questions, contact me at (202) 857-5088 or [email protected], or Ike Jones at (202) 857-3132 or [email protected].