Senate Banking Committee member Sen. Mike Crapo, R-Idaho questions Wells Fargo Chief Executive Officer John Stumpf, on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, during the committee's hearing. Stumpf was called before the committee for betraying customers' trust in a scandal over allegations that employees opened millions of unauthorized accounts to meet aggressive sales targets. (AP Photo/Susan Walsh) ORG XMIT: DCSW129

Since the Dodd-Frank Act was first enacted, banks and credit unions of all sizes have been clamoring for relief from a law they deem to be costly and burdensome.

Their calls may soon be met with action.

A bipartisan group of U.S. senators led by Senate Banking Committee Chairman Mike Crapo unveiled legislation Monday that would change major portions of Dodd-Frank and exempt many community banks and credit unions from certain provisions.

Perhaps most notable, the proposal would raise the threshold for the size of an institution that regulators “deem too big to fail.” Currently, that threshold is $50 billion in assets; the new threshold would be $250 billion.

“The bipartisan proposals on which we have agreed will significantly improve our financial regulatory framework and foster economic growth by right-sizing regulation, particularly for smaller financial institutions and community banks,” Crapo said in a statement.

The proposal would end stress tests entirely for banks with under $100 billion in assets, simplify capital calculations for community banks, provide relief from appraisal requirements for smaller mortgages, institute longer exam cycles for community banks and provide charter flexibility for federal thrifts with less than $15 billion in assets, according to the American Bankers Association.

The deal “shows that lawmakers of good faith from both parties can agree on commonsense changes to allow banks to better serve their customers and communities,” ABA President and CEO Rob Nichols said in a statement urging lawmakers to support the deal.

The law would create a community bank leverage ratio, requiring the tangible equity to average consolidated assets ratio be between 8 percent and 10 percent. However, banks with less than $10 billion in total consolidated assets who maintain tangible equity in an amount that exceeds this ratio will be deemed in compliance with capital and leverage requirements.

Community banks under $10 billion in assets will also get some relief from the Volcker Rule, which generally prohibits insured depository institutions and affiliates from engaging in proprietary trading, and from taking ownership interests with a hedge fund or private equity fund.

Banking entities will be exempt from the Volcker Rule if they have less than $10 billion in total consolidated assets, and total trading assets and liabilities that are five percent or less of total consolidated assets.

The law would also provide desired relief to credit unions.

Certain mortgages originated and retained in a portfolio by an insured depository institution or credit union with less than $10 billion in total consolidated assets will be considered qualified mortgages under the Truth in Lending Act while maintaining consumer protections.

The proposal would also ensure that a one- to four-family dwelling that is not the primary residence of a member will not be considered a member business loan under the Federal Credit Union Act.

The Republican cosponsors of the bill are Crapo, Bob Corker of Tennessee, Tim Scott of South Carolina, Tom Cotton of Arkansas, Mike Rounds of South Dakota, David Perdue of Georgia, Thom Tillis of North Carolina, John Kennedy of Louisiana and Jerry Moran of Kansas.

The Democratic cosponsors are Donnelly, Heitkamp, Jon Tester of Montana, Mark Warner of Virginia, Tim Kaine of Virginia, Joe Manchin of West Virginia, Claire McCaskill of Missouri and Gary Peters of Michigan.

The Independent cosponsor is Sen. Angus King of Maine.

U.S. Sen. Sherrod Brown, a Democrat from Ohio and ranking member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, came out in opposition to the bill.

“I understand my colleagues’ interest in agreeing to this legislation, but disagree on the wisdom of rolling back so many of Dodd-Frank’s protections with almost no gains for working families,” he said in a statement. “Banks made record profits last year and it looks like executives will get bigger bonuses this year. Hourly wages have stagnated for 40 years, and too many Americans are still feeling the impact of the 2008 financial crisis. Who needs help the most?”

The House is also pursuing financial regulatory reform, having already passed the Financial CHOICE Act earlier this year, which would greatly diminish the oversight of the Consumer Financial Protection Bureau.

Changes to Dodd-Frank will require 60 votes in the Senate to avoid filibuster.