Several business groups are urging the U.S. Senate to quickly pass legislation that would exempt many financial institutions from some regulations established by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Among the changes proposed in the Economic Growth, Regulatory Relief, and Consumer Protection Act, the threshold from which banks fall under greater regulatory security would rise from those with more than $50 billion in assets to more than $250 billion. Critics note the larger figure would exclude most financial institutions and say it is being set too high.

However, business groups argue the changes would bring much-needed regulatory relief. The U.S. Chamber of Commerce announced Tuesday it would "key vote" the bill, meaning it would record senators' votes on its annual scorecard.

The American Bankers Association urged members to contact senators to voice their support for the legislation.

"This is a welcome effort that was made possible by bankers' persistent outreach to lawmakers on behalf of their customers," the association said on its website. "Now, bankers must make a push to see this legislation cross the finish line." http://bit.ly/2oYwq0z

The Credit Union National Association weighed in with a letter to senate leaders. In it, CEO Jim Nussle pointed to several provisions he said would help credit unions, including one that would require the industry's main regulator—the National Credit Union Administration—to publicly release agency budget drafts.

"Given that the NCUA is funded entirely by credit union user fees, this transparency and opportunity to provide feedback is highly appropriate, and CUNA strongly supports this provision," Nussle said. http://bit.ly/2I6YC9X

Independent Community Bankers of America noted that the bill includes numerous provisions from ICBA's "Plan for Prosperity" platform.

"S. 2155 offers common-sense relief for our nation's nearly 5,700 community banks to promote localized lending and economic growth," CEO Camden Fine said in a statement. "If you're against S. 2155, you're against community banks and the communities they support." http://bit.ly/2FjakN0

Financial Services Roundtable also is voicing its support for the bill. The group said it contained a number of priorities for the financial services industry, including allowing banks to offer products and services entirely through online and mobile channels outside their geographic footprint. http://bit.ly/2FYlS9F

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