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The changes, released Monday evening by the Treasury Department, urge federal agencies to make bank stress test bi-annual rather than annual, loosening the Volcker Rule around PE and HF investments, changing the calculation of banking leverage, and taking aim at the broad CFPB powers. As expected, many Democratic representatives pushed back on the release and called it nothing more than politicians doing big bank bidding----the path to implementation is certainly not going to be easy.
The Treasury's study criticized agencies for making overlapping requests to banks and said the "fragmented" regulatory system should be streamlined. The Financial Stability Oversight Council, a group of regulators tasked with monitoring risks to the banking system, should have more power to determine which agency writes and implements a particular rule, the Treasury said.
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