Thank you, Mr. Chairman.
First, I want to recognize a constituent of mine, Mr. Reid Pollard of Asheboro, North Carolina. Reid is President of Randolph Bank & Trust. Thank you Reid for coming today.
Mr. Chairman, as I said last week, I support overturning the Supreme Court's decision.
I do not think we can restrict credit unions to just one common bond given the changes in the workforce that have taken place in the last sixty years. It simply is no longer feasible.
On the other hand, my concern is that we take some action to provide a level playing field for small banks. If a small bank goes head to head with a large credit union, that can grow without restriction, they cannot effectively compete. I do not think that will be healthy for our financial system. The House bill does not really address this issue.
I think any bill we take up should address regulatory burdens for small banks.
Second, Mr. Chairman, while I support the House bill, I think the House failed to address the issue of credit unions making business loans.
I don't think this is the role of credit unions. Making commercial loans should be in the domain of the commercial banking industry. This is something that I also think should be addressed in the legislation we consider.
Thank you Mr. Chairman. I look forward to the
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