Among them: streamlining the FDIC de novo application process, easing appraisal requirements in rural areas, increasing the threshold for small creditor Qualified Mortgage loans, revisiting the volume and nature of Matters Requiring Attention, running the living will process on a two-year cycle, more clearly defining the Consumer Financial Protection Bureau's UDAAP standard, making the CFPB "no-action" letter policy more useful, and revisiting the 2013 interagency leveraged lending guidance.
The bill was approval in the House with a vote of 233 to 196 mostly driven by partisan lines.
"I would say that the kind of economic system that the U.S. has in place is definitely crisis-prone, because it's really designed and run by the big banks to benefit themselves".
"They're being crushed by the costly rules imposed on them by the Dodd-Frank Act".
During his campaign past year, Trump often slammed Wall Street for "getting away with murder". He promised to do "a big number" on it.
What is truly fantastic is that banks and Wall Street, the richest private institutions and entities in the nation, did not have the reserves in their coffers to insulate the economy from collapse.
Three of his top advisers - Mnuchin, chief economic adviser Gary Cohn and chief strategist Steve Bannon - worked at investment bank Goldman Sachs. "It is inexcusable that the administration has targeted the most vulnerable people in our society to be the ones that bear the brunt of their ideological push", says Michael Barr, University of Michigan Law School professor and a key architect of the Dodd-Frank Act.
Along the way, Trump's populist campaign rhetoric has been transformed into a more pro-business, center-right administration.
The report also endorsed the idea of forcing the Federal Reserve to make its stress tests of the largest US banks more transparent.
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These include exempting many banks from certain "stress tests" that are supposed to gauge how they would weather future economic strains. Such a rule is believed to have prevented the net accumulation of new assets, which dint go down well with banks.
Trump started his attack on Dodd-Frank soon after taking office, ordering a Treasury Department review of the complex rules that have put the legislation into practice.
An accounting provided by Sen.
Bank industry groups, which had consulted with Mnuchin and other Treasury officials as they prepared the report, expressed approval of it Monday.
Some of the most unpopular regulations that the report asks to re-do, such as the Volcker Rule ban on banks' proprietary trading, were put together by five different agencies. Some banks argue that the Volcker Rule stifles legitimate trading on behalf of customers and the banks' ability to hedge against risk.
The bill has maintained a low profile compared with Republican plans on health care and taxes, but rolling back Dodd-Frank represents a major part of the Republican agenda.
The banking report is one of several the department will release in the coming months to fulfill Trump's executive order, which demanded a reevaluation of financial rules.
During the crisis, the government intervened to rescue the largest banks from collapse and saved some faltering institutions with bailouts and emergency loans or helped sell them to other banks. It also called for the CFPB complaint database to be accessible only to federal and state agencies and for the CFPB to lose its supervisory authority. During a Senate Banking Committee hearing in May, he acknowledged that the current bankruptcy code wouldn't be enough to unwind a big bank. The notion of restoring Glass-Steagall is anathema to banks and their lobbyists.
That version of consumer protection trades burdensome regulation for an agreement by participating banks to meet strict requirements for building up their capital to cover unexpected big losses.
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