Democrats in the House and Senate have banded together around a regulatory relief bill for community banks. Democrats hope their bill will present a viable alternative to the broader Dodd-Frank reform bill proposed by Republicans -- legislation President Obama has already signaled he would veto. The Democrats’ package includes provisions to remove annual privacy notice requirements except when bank disclosures change and to extend the annual exam schedule to 18 months for healthy institutions under $1 billion in assets. The Republican bill, which passed the Senate Banking committee last month, would include many more regulatory relief provisions for small and regional banks including raising a key $50 billion Dodd-Frank threshold for enhanced prudential standards and mandating reforms to the insurance industry, the Fed and the FSOC.