The first major easing of the Dodd-Frank financial law in the United States is expected soon, with US House Speaker Paul Ryan saying a vote is imminent on a Senate-Approved bill to ease rules for small and mid-sized banks, reports The Wall Street Journal. This could cut the number of banks subject to heightened Federal Reserve oversight from 38 to 12, as well as cutting documentation and compliance burdens for smaller banks (including measures to check whether they are discriminatory in their lending). Ryan added that the House was also expected to advance a separate package of deregulatory measures not included in the Senate bill. Former NAB subsidiary Clydesdale Bank is proposing a merger with Richard Branson's Virgin Money, saying they could team up to become the UK's "leading challenger bank". Clydesdale is still majority owned by Australian institutional investors. Virgin's board is reviewing the proposal, reports Finextra. But meanwhile, a sharp rise in Virgin Money's share price last week ahead of the announcement of the £1.6 billion takeover approach has sparked scrutiny by the UK's Financial Conduct Authority, reports the FT.