Federal regulators OK removal of strict oversight over Zions

A panel of federal regulators has lifted the strict government oversight it had imposed on Zions, a big regional bank.

The Financial Stability Oversight Council announced Wednesday it had decided to grant the request by Zions allowing it to escape the more strict oversight upon completion of its proposed merger with its parent company, Salt Lake City-based Zions Bancorporation.

The action, which had been approved on a preliminary basis in July, is the latest move under the Trump administration to relieve regulatory restrictions put in place after the 2008 financial crisis.

Treasury Secretary Steven Mnuchin said in a statement he was pleased the council had determined that "there is not a significant risk that Zions could pose a threat to U.S. financial stability." The council approved the action unanimously.