Hultgren Supports Regulatory Relief for Community Banks
Washington, DC – U.S. Representative Randy Hultgren (IL-14) has cosponsored three pieces of legislation to help curtail overzealous federal regulations and provide relief for community banks in Illinois and across the nation. Rep. Hultgren, through his position on the House Financial Services Committee, has made regulatory relief for community banks a top priority.
“As the Dodd-Frank Act continues to be implemented, I am hearing more and more about the unnecessary regulatory burden that is being piled upon our community banks,” said Rep. Hultgren. “I am proud to work with my colleagues on the House Financial Services Committee to advance these important pieces of legislation which allow banks in Illinois to better focus on serving their customers and strengthening our communities.”
- H.R. 766, the Financial Institution Customer Protection Act of 2015 sponsored by Rep. Blaine Luetkemeyer (MO-03), would help end an overreaching program by the administration known as “Operation Choke Point.” The Justice Department, through coordination with supposedly independent bank regulators, have pushed a political agenda which pressures banks to not work with legally operating gun dealers, payday lenders, and other companies not favored by the administration.
- H.R. 1941, the Financial Institutions Examination Fairness and Reform Act sponsored by Rep. Lynn Westmoreland (GA-03), would put in place stricter guidelines for how regulators should work with banks and credit unions during examinations. One of the most important provisions of the bill establishes an independent office and review process for banks and credit unions to appeal the results of their examination when regulators make a mistake or are unfairly critical.
- H.R. 1553, the Small Bank Exam Cycle Reform Act of 2015, provides regulatory relief for hundreds of community banks if they are at no risk of failure. Examinations from bank regulators can be an arduous and disruptive undertaking for small banks that may only have a handful of employees. This bill, introduced by Rep. Scott Tipton (CO-03), gives the FDIC flexibility to conduct these examinations less frequently.
All three bills were passed by the House Financial Services Committee with bipartisan support.