Amex joins regional banks to lobby for changes to Dodd-Frank Act

New York

AMERICAN Express Co is joining regional banks including Capital One Financial Corp and SunTrust Banks Inc to lobby for changes that would reduce regulatory burdens on smaller lenders.

The coalition, which also includes Fifth Third Bancorp and BB&T Corp, seeks to increase from US$50 billion the minimum amount of assets that subjects them to higher regulatory standards under the 2010 Dodd-Frank Act, according to a statement on Monday. The threshold also requires higher capital and liquidity levels, annual stress tests and living wills describing how they could be unwound in a bankruptcy.