Senate Bill 2155
115th Congress(2017-2018)
Economic Growth, Regulatory Relief, and Consumer Protection Act
Became Law
Amendments
Became Law
Became Public Law 115-174 on May 24, 2018
Overview
Text
Sponsor
Introduced
Nov 16, 2017
Latest Action
May 24, 2018
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2155
Congress
115
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Idaho
Missouri
Delaware
Delaware
Alabama
Louisiana
Michigan
Arkansas
Montana
Nebraska
North Carolina
North Dakota
Oklahoma
South Carolina
South Dakota
Tennessee
Virginia
Virginia
West Virginia
Passed
March 14, 2018
Type
Passed Senate
Senate Roll Call Votes
Summary

Economic Growth, Regulatory Relief, and Consumer Protection Act

This bill amends the Truth in Lending Act to allow institutions with less than $10 billion in assets to waive ability-to-repay requirements for certain residential-mortgage loans. Other mortgage-lending provisions related to appraisals, mortgage data, employment of loan originators, manufactured homes, and transaction waiting periods are also modified.

The bill amends the Bank Holding Company Act of 1956 to exempt banks with assets valued at less than $10 billion from the "Volcker Rule," which prohibits banking agencies from engaging in proprietary trading or entering into certain relationships with hedge funds and private-equity funds. Certain banks are also exempted by the bill from specified capital and leverage ratios, with federal banking agencies directed to promulgate new requirements.

The bill amends the United States Housing Act of 1937 to reduce inspection requirements and environmental-review requirements for certain smaller, rural public-housing agencies.

Provisions relating to enhanced prudential regulation for financial institutions are modified, including those related to stress testing, leverage requirements, and the use of municipal bonds for purposes of meeting liquidity requirements.

The bill requires credit reporting agencies to provide credit-freeze alerts and includes consumer-credit provisions related to senior citizens, minors, and veterans.

Text (4)
March 14, 2018
December 18, 2017
November 16, 2017