Congress Votes to End Obama Regulations and Put Community Banks and Credit Unions First
WASHINGTON, D.C. - Today, the House passed S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” This legislation provides the much-needed relief to our nation’s community banks and credit unions from the burdensome Dodd-Frank regulations.
“It doesn’t take rocket science to know that one-size-fits-all regulations don’t work," Rep Marshall said. "The community banks in western Kansas handle different types of businesses than banks on Wall Street.”
This legislation rolls back many of Dodd-Frank’s harmful regulations that restrict growth in rural Kansas, and provides relief to our community banks, increases consumer protections, and allows financial institutions to serve their customers and their communities better.
“As a former community bank board member, I’ve seen firsthand how this overregulation of community banks limits consumer access to credit and capital," Rep. Marshall said. "This law would provide regulatory relief to over 400 financial institutions across my district. At a time when our economy is bouncing back, our banks have to help our farmers, ranchers, and main street businesses with the access to the credit they need, without all of the burdensome obstacles.”
Small banks and credit unions have been disproportionately affected by these regulations, leading to consolidation of financial institutions, or a reduction in services and increase in cost to customers. These changes make it easier for customers to access affordable credit and reduce the compliance costs for institutions and consumers alike.