On May 24, 2018, President Donald Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act(the “Act”). This new law rolls back certain provisions of the Dodd-Frank Act of 2010 (“Dodd-Frank”), providing regulatory relief to all but the largest financial institutions in the United States. The Act, which enjoyed substantial bipartisan support, was adopted in the U.S. House of Representatives on May 22, 2018 by a vote of 258 to 159, and in the U.S. Senate by a vote of 67 to 31 on March 14, 2018.

The Act represents Congress’ most expansive effort to reduce banking industry oversight since Dodd-Frank was signed into law in 2010. This new law preserves the fundamental elements of the post-Dodd-Frank regulatory framework, but it includes modifications that will result in some meaningful regulatory relief for smaller and certain regional banking organizations.