The Latest: Bill rolling back bank restraints moves forward

WASHINGTON — The Latest on legislation to roll back restraints on banks (all times local):

6:25 p.m.

The Senate is edging forward legislation to roll back some of the restraints on banks that President Barack Obama and Democrats in Congress put in place eight years ago to prevent another financial crisis.

The bill has overwhelming Republican support and enough Democratic backing that it's expected to garner the 60 votes necessary to clear the Senate, possibly later this week. That was reflected in the 66-30 procedural vote Monday, with 16 Democrats and one independent voting to move ahead with the bill.

The legislation would increase fivefold, to $250 billion, the level of assets at which banks are subject to stricter capital and planning requirements. The change would ease regulations on more than two dozen financial companies, including BB&T Corp., SunTrust Banks Inc. and American Express.

___

4 p.m.

Buried within new Senate legislation to roll back restraints on banks is a provision that would exempt an estimated 85 percent of all U.S. banks and credit unions from public reporting requirements, raising fears that discriminatory practices by lenders could go undetected.

The data that would be exempt from reporting includes the financial information of borrowers and loan applicants, along with their race and sex.

Some Democratic lawmakers, community activists and low-income-housing advocates have raised the alarm over the prospect of diminished mortgage disclosures by banks. Removing the spotlight, they say, could allow lenders to unfairly deny loans or charge excessive interest and escape notice.

The overall bill would alter key elements of the Dodd-Frank law enacted to prevent a repeat of the financial crisis 10 years ago.

People also read these

Stocks end mostly lower after Yellen speech

Aug 26, 2016

Stocks end mostly lower, giving up earlier gains after Fed Chair Yellen said the case for raising interest rates has strengthened

Asian stocks mostly rise on hopes for higher US rates

Aug 30, 2016

Asian shares were mostly higher Tuesday as speculation continued about a U.S. Federal Reserve interest rate hike later this year

Global stocks rise as investors weigh future of US rates

Aug 30, 2016

Global stock markets mostly rose on Tuesday as investors weighed the possibility and timing of another U.S. interest rate increase this year

Subscribe to our newsletter!

Your Name

Your Email Address