Kind of hard to find any information on this, as it has been buried by Comey's testimony, but the house passed a Dodd-Frank repeal across party lines.
What it repeals:
- Volcker rule - prevents banks from proprietary trading (i.e. banks making speculative trades with depositor funds). As you probably already know, bank deposit losses are insured by FDIC, so what could go wrong?
- Consumer Financial Protection Bureau - now consumers are barred from information about the number of complaints against a financial advisor. Also, removes a provision requiring financial advisors to put their client's interests ahead of their own. (Executive summary: don't use a financial advisor)
- FDIC's ability to orderly liquidate a failed institution
- Durbin amendment, which limits fees that are charged to retailers for debit card charges
- Removes the ability of the SEC to monitor clearinghouses
It's worth noting that Barney Frank himself agrees that restrictions on small banks were too strict:
However, he also thinks restrictions on big banks should be stronger, not weaker.
A nice summary of the fixed income market related changes:
Obviously this is subject to change... the senate will drafting their own version but I for one am looking forward to the next financial apocalypse!