Regulators find common ground with lawmakers on reg relief

Mortgage

WASHINGTON — Federal regulators supported several changes the banking industry has been seeking in a hearing at the Senate Banking Committee on Thursday, acknowledging the need to limit the Volcker Rule and better define systemically important banks.

Yet there was little sign that sweeping changes will clear the panel, as Democrats continued to raise concerns that changes meant to help small banks would instead benefit larger institutions. Sen. Sherrod Brown, D-Ohio, blasted a Treasury Department report last week that outlined regulatory relief, calling it “misguided” and noting that the department sought banking industry advice versus consumer group input by a count of 17 to 1.

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