Federal financial services regulatory agencies are implementing the Financial Services Regulatory Relief Act of 2006, P.L. 109-351 (120 Stat. 1966), as the 110th Congress considers new financial services regulatory relief bills. Most of the provisions under consideration were debated and excluded from the final legislative process that enacted P.L. 109-351. The simultaneity of these developments shows Congress's continued concern with reducing the regulatory burden of financial services providers. This report gives a brief summary of the provisions of P.L. 109-351 followed by the specific provisions that federal regulatory agencies are implementing. It then examines the regulatory relief provisions currently being introduced in the 110th Congress. The report concludes with a discussion of the financial services regulatory relief legislative process and whether these provisions could reverse the increasing concentration of the financial services industry. This report will be updated as developments warrant.