May 19, 2015

Banking Committee Democrats Introduce Plan to Help Main Street Banks and Protect Consumers

Proposes Targeted Regulatory Relief for Community Banks and Credit Unions, While Bolstering Consumer Protections

WASHINGTON, D.C. – Democrats on the U.S. Senate Committee on Banking, Housing, and Urban Affairs today unveiled a proposal to provide targeted regulatory relief for America’s smallest financial institutions, while strengthening consumer protections. All 10 of the committee’s Democrats support the plan, which they will offer as an alternative when the committee considers “The Financial Regulatory Improvement Act of 2015.”

“The Banking Committee’s hearings this year have demonstrated that Democrats and Republicans agree that America’s community banks and credit unions need regulatory relief,” said U.S. Sen. Sherrod Brown (D-OH), the Banking Committee's ranking member. “Democrats are convinced that we can work on a bipartisan basis to help the smallest financial institutions, without harming safety, soundness, and consumer protection. Our targeted proposal would help Main Street financial institutions and better protect consumers in a manner that should win broad bipartisan support and be signed into law.”

The text of the Democratic alternative is available here.

A section-by-section summary is available here.