WASHINGTON, May 4 (Reuters) - The U.S. Senate Banking Committee on Thursday approved a bill aimed at easing oversight of the financial services industry by reducing or eliminating what are seen as redundant and outdated regulations.

The bill includes a host of provisions supported by industry and regulators that affect banks, savings institutions and credit unions. No amendments were proposed during the committee's consideration.

The bill must now be approved by the full Senate.

While thinner than a similar bill approved by the House, a top House Republican on Wednesday told Reuters he would consider adopting the Senate version if it clears that chamber as is.

"This legislation is a compromise for all sides," Republican Sen. Michael Crapo of Idaho said during the committee's consideration of the bill. Crapo led the Senate's effort to draft a regulatory relief bill.

Among the dozens of measures included in the Senate legislation, one would increase to $500 million from $250 million the asset threshold that qualifies a small bank to be examined every 18 months rather than every year.

It also included a provision not in the House version -- a section directing the Securities and Exchange Commission to consult with and seek the concurrence of federal bank regulators to implement regulations on banks' securities activity. Under that section, supported by industry, those rules would supersede any existing, proposed or final rules issued by the SEC.

But the Senate bill excluded a number of provisions sought by the financial sector, such as a provision that would reduce the number of cash transaction reports that banks must file under the Bank Secrecy Act.

The top Democrat on the panel, Sen. Paul Sarbanes of Maryland, said it was important to study the issue of cash transaction report filing first, given concerns voiced by federal law enforcement officials.

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