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House set to approve bank deregulation legislation

Major banks — outside of money-center giants — are set to gain a measure of relief when the House of Representatives votes Tuesday on a deregulation bill.

The bill, the Economic Growth, Regulatory Relief and Consumer Protection Act, not only will make the regulatory burden lighter but will help set the stage for agencies to act further, analysts say.

Those breaks include essentially eliminating the possibility of designation as a systemically important financial institution by raising the threshold from $50 billion to $250 billion in assets. That relieves BB&T BBT, +1.46% , SunTrust Banks Inc. STI, +1.00% and HSBC USA HSBC, +1.55% from much of the strict regulatory oversight imposed by the Dodd-Frank Act of 2010 after the financial crisis.

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