The Senate Banking bill approved by a party-line vote includes many non-controversial provisions aimed at providing community financial institutions with considerable relief from requirements they find unduly burdensome, as well as to give both them and larger banks greater ability to challenge their examiners.  The bill would also make significant changes to the qualified-mortgage (QM) standards imposed by the Dodd-Frank Act and resulting CFPB regulations, providing new exemptions for qualifying portfolio loans.  FHLB membership would remain expansive, at least for a while.

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