The US Senate on Tuesday approved the Economic Growth, Regulatory Relief, and Consumer Protection Act [text, PDF], which implements several changes to the laws implemented following the 2008 financial crisis.

The purpose of the bill is: “To promote economic growth, provide tailored regulatory re- lief, and enhance consumer protections, and for other purposes.”

The bill ultimately relaxes many of the restrictions on large portions of the banking industry. It amends the Truth in Lending Act, US Housing Act of 1937, and the Bank Holding Company Act of 1956 [text]. Amendments to the latter will create some of the greatest changes [summary]:

The bill amends the Bank Holding Company Act of 1956 to exempt banks with assets valued at less than $10 billion from the “Volcker Rule,” which prohibits banking agencies from engaging in proprietary trading or entering into certain relationships with hedge funds and private-equity funds. Certain banks are also exempted by the bill from specified capital and leverage ratios, with federal banking agencies directed to promulgate new requirements.

The proposed changes to the Truth in Lending Act would “allow institutions with less than $10 billion in assets to waive ability-to-repay requirements for certain residential-mortgage loans.”

The bill was amended several times before it passed with a vote of 67 to 31.