Hultgren Cosponsors Legislation in Support of Community Banks and Credit Unions
Washington, DC — U.S. Representative Randy Hultgren (IL-14) has cosponsored several major bills that are designed to free up community banks and credit unions in Illinois from burdensome and costly regulations so that they can better serve their local communities.
“Community financial institutions in Illinois have been unreasonably regulated by our federal financial regulators, especially the Consumer Financial Protection Bureau. The Dodd-Frank Act, imposed in the wake of the financial crisis, operates with a ‘one-size-fits-all’ approach which lumps very different financial institutions together,” said Rep. Hultgren. “Many small banks and credit unions in Illinois, focused on serving local businesses and rural communities, have been fit with regulatory straitjackets designed for big banks, causing them to reduce lending, merge with competitors or shut down all together. We must take decisive action to reverse this trend, and responsibly address the faults in the banking system rather than clipping its wings completely.”
Rep. Hultgren has a consistent record of supporting pro-community bank and credit union legislation. This Congress he has, so far, acted as an original cosponsor of the following key legislation:
- H.R. 2133, the Community Lending Enhancement and Regulatory Relief (CLEARR) Act of 2017, provides regulatory relief to community financial institutions through a myriad of reforms such as clarifying fair lending standards, amending the mortgage servicing and appraisal rules and providing relief from new mortgage reporting requirements.
- H.R. 2226, the Portfolio Lending and Mortgage Access Act, provides legal certainty to financial institutions that originate residential mortgage loans and hold them on their portfolio.
- H.R. 1116, the Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017, requires the federal regulators to take risk profiles and business models of financial institutions into account when taking regulatory actions.
- H.R. 2553, the Taking Account of Bureaucrats’ Spending (TABS) Act of 2017, makes the Consumer Financial Protection Bureau more accountable by placing it under Congressional appropriations.
- H.R. 2706, the Financial Institution Customer Protection Act of 2017, reins in the misuse of political power by an administration and our financial regulators to “choke off” relationships with legitimate businesses such as gun shops and coin dealers.
- H.R. 1457, the Making Online Banking Initiation Legal and Easy (MOBILE) Act of 2017, makes it easier for financial institutions to open new customer accounts by permitting them to “swipe” the machine readable zone on state issued identification cards.
“I will continue to make it a priority to fight for Illinois community banks and credit unions, and advocate for these bills until they are signed into law,” said Rep. Hultgren.
Rep. Hultgren is a member of the House Financial Services Committee, Vice-Chairman of the Subcommittee on Capital Markets, Securities and Investment and member of the Subcommittee on Housing and Insurance.