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Subcommittee Examines Legislation to Lift Regulatory Burden, Increase Consumer Choice

January 10, 2018 / Source: Financial Services Committee

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Subcommittee Examines Legislation to Lift Regulatory Burden, Increase Consumer Choice 

 

Washington, January 9, 2018 -

The Financial Institutions and Consumer Credit Subcommittee met today to examine the following pieces of legislation aimed at improving regulations for financial institutions:

H.R. 1264, the Community Financial Institution Exemption Act

H.R. 2683, the Protecting Veterans Credit Act of 2017

H.R. 4648, the Home Mortgage Reporting Relief Act of 2017

H.R. 4725,  the Community Bank Reporting Relief Act

H.R. ____, to amend the Truth in Lending Act to clarify the exclusion for seller-financers from the definition of mortgage originator, and for other purposes

“The financial regulatory pendulum has swung too far,” said Subcommittee Chairman Blaine Luetkemeyer (R-MO). “Rules and regulations are driving financial institutions to merge, exit entire lines of business, discontinue services to their customers or, in some cases, permanently close their doors. We see it every day and hear about it not just from institutions but also the businesses throughout our communities who depend on these services to make payroll or reinvest in their companies and create new jobs. It’s possible to have a regulatory regime that protects the American people without needlessly limiting consumer choice. The bills discussed in today’s subcommittee hearing will help foster a more reasonable regulatory environment that frees lenders and sellers to do what they do best: offer financial products and services to their customers and grow their communities.”

Topline Quotes from Witnesses

“I commend the Subcommittee for seeking to address regulations that interfere with the ability of lenders to provide affordable credit for consumers. While none of this legislation is specifically targeted to manufactured housing, the regulations that the legislation seeks to correct will impact the availability of credit for manufactured housing.” -- Edward J. Gleim, Executive Vice President and Chief Operating Officer, Triad Financial Services, on behalf of the Manufactured Housing Institute

“We appreciate the role of this subcommittee in putting a check on regulatory overreach and rolling back unwarranted regulation that is reducing credit and promoting industry consolidation. This committee has already passed critical regulatory relief legislation. The bills I’ve discussed today would build on your previous efforts by addressing critical threats to community banking. We look forward to working with this committee to advance them into law.” -- Robert Fisher, President and Chief Executive Officer, Tioga State Bank, on behalf of the Independent Community Bankers of America