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Regulatory Relief Bill Signed into Law

May 24, 2018
Joseph D. Simon
Garden City

President Trump today signed the Economic Growth, Regulatory Relief and Consumer Protection Act (the “Act”), a law that eases several of the provisions of the Dodd-Frank Act, the landmark financial regulation overhaul that was enacted in response to the 2008 financial crisis. Among other things, the Act softens some of the mortgage loan limitations and disclosure requirements in the Truth in Lending Act (“TILA”) and Real Estate Settlement Procedures Act (“RESPA”), provides broader exemptions for certain financial institutions under the Home Mortgage Disclosure Act (“HMDA”), simplifies capital calculations for community banks, and raises the threshold at which banks are considered systemically important financial institutions (“SIFIs”).

A summary of several key provisions of each title of the Act is set forth below.

TITLE I — IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT 

TITLE II — REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO CREDIT

TITLE III — PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS

TITLE IV — TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES

Please note that this is a brief overview of the Act, and we anticipate sending future advisories addressing several provisions in more detail. In the meantime, if you have any questions regarding the Act, please feel free to contact Joseph D. Simon at (516) 357-3710 or via email at jsimon@cullenanddykman.com, Kevin Patterson at (516) 296-9196 or via email at kpatterson@cullenanddykman.com,  or Elizabeth A. Murphy at (516) 296-9154 or via email at emurphy@cullenanddykman.com.