A bipartisan bill (S. 2732) has been introduced by Republican Senator Pat Toomey and Democratic Senator Joe Donnelly to increase the asset threshold for “large banks” that are subject to CFPB supervision.
The current threshold is total assets of more than $10 billion. Entitled the “Consumer Financial Protection Bureau Examination and Reporting Threshold Act of 2014,” the bill would increase the current threshold to assets of more than $50 billion. The higher threshold would be substantially the same as the threshold for a bank to be designated “systemically important” (i.e., assets of $50 billion or more).
