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

Bolivian president, opposition spar over official's killing

Aug 26, 2016

President Evo Morales and his political opponents trade recriminations over the shocking beating death of a high-ranking government official by protesting miners who had blockaded a rural highway

Global stocks lower, except for Tokyo, on Yellen speech

Aug 29, 2016

Most global stocks slipped Monday on remarks from the U.S. Federal Reserve late last week that the case has strengthened for raising interest rates, but the Tokyo market was an exception and gained on prospects for a strong dollar

Asian markets waver on mixed signals from China, Japan data

Sep 1, 2016

Asian markets were mixed Thursday as China and Japan, the region's two biggest economies, reported contrasting data

Subscribe to our newsletter!

Your Name

Your Email Address