By Victoria Finkle

WASHINGTON – Banking and credit union trade groups sent a joint letter Friday urging members of the Senate Banking Committee to move forward on bipartisan regulatory relief legislation ahead of a markup next week.

Sen. Richard Shelby, R-Ala., chairman of the panel, unveiled a draft proposal on Tuesday that detailed numerous changes to the Dodd-Frank Act for small and regional banks, along with reforms to the Federal Reserve and the Financial Stability Oversight Council. The question remains whether he can woo some number of Democrats to sign onto the bill by Thursday, when the panel is slated to vote on the Financial Regulatory Improvement Act.

“The draft is an important step toward addressing the statutory and regulatory obstacles that stymie banks and credit unions from more fully serving the diverse financial needs of American consumers,” the American Bankers Association, the Independent Community Bankers of America, the Credit Union National Association and the National Association of Federal Credit Unions wrote in a joint letter on Friday. “We hope it sparks a robust discussion and results in meaningful regulatory relief that will allow the institutions we represent to focus on providing safe and affordable financial services that create jobs and grow American communities.”

Read the rest of the story at the American Banker.