March 06, 2018

Small Financial Institutions Across the Country Support S. 2155


WASHINGTON – This week, the full Senate will consider Banking Committee Chairman Mike Crapo’s S. 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act.” Co-sponsored by 13 Republicans, 12 Democrats and 1 Independent, this bipartisan legislation right-sizes regulation for smaller financial institutions and includes important consumer protections for veterans, senior citizens and victims of fraud. It will improve our nation’s financial regulatory framework for Main Street banks, encouraging economic growth in local communities. Community banks and credit unions across the country have expressed strong support for the bill and how it will help them better serve their communities. 

To view a section-by-section summary of the bill, click here

Delaware: “This bill will give more creditworthy borrowers in Delaware the chance to get the mortgage they need to buy a home. It will allow more deserving small business owners to get the loan they need to expand and hire more workers. And community bankers will be able to spend more time serving their customers’ needs, instead of racking up hours a day complying with federal regulations intended for much larger institutions.” – Sarah A. Long, President of the Delaware Bankers Association

Idaho: “For the 917,400 Idaho consumers who belong to not-for-profit, cooperative credit unions, this legislation could open doors for them to grow their businesses on Main Street, and to have access to affordable home loans.” – Troy Stang, President and CEO of the Northwest Credit Union Association

Illinois: “The bill has broad support for good reason. Regulatory burdens are plaguing locally based community banks, which provide nearly half of the banking industry’s small-business loans despite making up less than 20 percent of its assets. Despite their low financial risk and high economic reward, Main Street community banks suffer from an onslaught of regulations.” – Tom Marantz, Chairman and CEO of Bank of Springfield 

Indiana: “In the aftermath of the financial crisis, federal officials imposed new restrictions on lending targeted at big Wall Street firms. But Main Street credit unions and community banks have been caught in the regulatory crossfire. . . If [S.2155] becomes law, it could lower the cost of borrowing for thousands of Indiana businesses.” – Kevin Ryan, President and CEO of Financial Center First Credit Union

Maine: "As a large business lender, S.2155 will really help our credit union, particularly with 1-4 family units. Banks already classify these loans as residential real estate loans and credit unions should be able to do the same. Also, reducing HMDA requirements for small credit unions like ours will allow us to free up valuable resources, currently spent on compliance, that can be used to better serve our members.” – Jason Lindstrom, President and CEO of Evergreen CU in Portland

Maryland: “The proposed regulatory relief bill prescribes more tailored regulation — longer exam cycles, less onerous reporting and simpler capital requirements. . . This legislation represents the best opportunity for Congress to support local communities by advancing meaningful reforms for the community banking sector.” – Joseph J. Thomas, CEO of Bay Bank

Massachusetts: “S. 2155 would have a positive impact on my credit union’s ability to serve its members, by significantly reducing the burden of one-size-fits-all regulation designed for Wall Street, not Main Street.” - Karl J. Moisan, President and CEO of Homefield Credit Union, Grafton

Michigan: “The Economic Growth, Regulatory Relief, and Consumer Protection Act takes a step in the right direction by rightsizing the regulatory burdens that affect many community banks and, by extension, their customers. For many years, banks’ ability to best serve their customers has been hindered by unnecessary and arbitrary regulations. The Regulatory Relief Package will better enable the banking industry to lend and to support their customers and communities.”-T. Rann Paynter, President and CEO of the Michigan Bankers Association 

Minnesota: "The knee-jerk reactions calling this bill another Wall Street bailout are completely off-base. The modest changes proposed in this bill wouldn't do anything for the big banks. But they would allow credit unions and other community financial institutions to more efficiently serve consumers with the products they need." – Debora Almirall, CEO of Minnesota Power Employees Credit Union in Duluth

Missouri: “Consensus-minded senators forged a deal with commonsense, targeted changes that will allow banks to better serve their customers and communities without compromising safety and soundness.” – Shaun Burke, CEO of Guaranty Bank

Montana: ““Most of our community banks that are here in Montana operate on a business model that is relationship based. . .  In many cases, they are able to tailor or customize a mortgage loan. . . The new bill would give small-town banks more latitude to work with customers to customize the terms of loans.” – Andrew J. “A.J.” King, President of the Three River Bank of Montana in Kalispell

New Hampshire: “Since the financial crisis, members of both political parties have lamented the decline in the number of community banks around the nation. Now is the time for them to stand up for their communities and support the institutions like ours that make a meaningful impact every day. Members of Congress who truly believe in helping the community banking sector will support this legislation.” – Kathryn Underwood, President and CEO of Ledyard National Bank

New Mexico: “By reforming complex regulations on community bank mortgage lending and capital requirements while focusing oversight on the risky financial firms that caused the crisis, Congress can promote true community-based growth that extends beyond stock market gains and shareholder dividends.” – Brian “Chip” Chippeaux, Chairman of Century Bank in Santa Fe and Teresa Molina, President of First New Mexico Bank of Deming

New York: “Consumers, whether they are a member of a credit union or another financial institution, really don’t end up winning in the long run with these onerous burdens. Regulatory burdens put excessive work on credit union staff which, in turn, gives us less time to spend with our members to solve their problems.” – Lisa Morris, AVP PR & Corporate Communications for Hudson Valley FCU in Poughkeepsie

North Dakota: “[S. 2155] will allow more small business owners in Stanley and other North Dakota towns get a loan so they can expand and hire more workers. It will help bankers spend more time serving our customers and their needs instead of racking up hours a day working to comply with federal regulations that were supposed to apply only to far bigger, more complex banks.” – Christie Obenauer and Gary Peterson, Presidents of Union State Bank and Cornerstone Bank

South Dakota: “South Dakota’s bankers applaud the efforts of Chairman Crapo, Senator Rounds and their colleagues on both sides of the aisle for working together to develop a sensible legislation that will improve the regulatory framework for main street banks. Bankers strive every day to meet the needs of their customers and grow their local economy. S. 2155 will help them do just that.”- Curt Everson, President, South Dakota Bankers Association

Texas: “Many communities throughout Texas have seen their local banks shutter or be absorbed by larger institutions over the last several years because laws and rules, intended to curb the abuses of the nation’s largest ‘too-big-to-fail’ banks, have instead trickled down to negatively impact the smallest. . . Without local banks, communities are starved of the capital they need for business growth and economic development. . . Only Congress holds the key to unchain community banks from the burden pushing them towards consolidation.” – Chris Williston, President and CEO of the Independent Bankers Association of Texas

Virginia: “As a credit union that provides first mortgage and home equity loans to our member owners, I support passage of S. 2155 – the Economic Growth, Regulatory Relief, and Consumer Protection Act. Passage of this Act would provide relief to credit unions and let them do what they do best, serve the financial needs of their member owners by providing them affordable and easy access to home mortgage lending.” - Charlotte H. Cash, President and CEO of CommonWealth One Federal Credit Union, Alexandria

West Virginia: “Unfortunately, some in Congress are making false claims about this bill, arguing that it ‘rolls back’ regulations. It does nothing of the sort: It makes sensible changes that represent seven years of lessons about what’s working — and what’s not — in financial regulation. Top financial regulators have also called for changes and voiced support for the proposal.” – H. Charles Maddy, President and CEO of Summit Financial Group



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