WASHINGTON, D.C. - U.S. Senator Mike Crapo (R-Idaho), Chairman of the Senate Banking Committee, and Senator Jim Risch (R-Idaho), Chairman of the Small Business Committee, on Friday introduced S.2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act.”
The bipartisan legislation right-sizes regulation for smaller financial institutions and includes important consumer protections for veterans, senior citizens and victims of fraud .The senators said it will improve the nation’s financial regulatory framework for community lenders, promoting economic growth in rural communities.
“A strong and vibrant economy is important for American consumers, businesses, and the stability of the financial sector,” said Chairman Crapo. “This bipartisan legislation will significantly improve our financial regulatory framework and foster economic growth by right-sizing regulation, particularly for smaller financial institutions and community banks.”
“Agencies like the Consumer Financial Protection Bureau have consistently ignored the effects of their regulations on main street America, which has devastated small financial businesses and eliminated access to capital for entrepreneurs,” said Senator Risch. “This bill is one step in the right direction to force regulators to consider the direct and indirect impacts of their rules on small businesses.”
“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,” said Troy Stang, President and CEO of the Northwest Credit Union Association (NWCUA). “We thank Senator Crapo for his steadfast leadership in delivering a package that truly will deliver economic growth across the country and right here in Idaho. The Committee put politics aside and created a bipartisan blueprint to right-size regulations that were intended originally for big Wall Street banks, so they will now benefit consumers.”
“We appreciate Senator Risch’s support for Main Street, and thank him for supporting the legislation,” Stang added.
“The Idaho Bankers Association strongly supports the bipartisan financial regulatory reform package Chairman Crapo unveiled this week in the U.S. Senate,” said Trent Wright, president of the Idaho Bankers Association. “The commonsense changes included in this legislation would make it easier for Idaho’s banks to serve their customers and communities, and ultimately help grow the economy and create jobs. We thank Chairman Crapo for his leadership, and look forward to supporting his efforts to move the legislation through Congress and onto the President’s desk as soon as possible. We also thank Senator Risch, who understands that common-sense reforms for small banks will help empower Main Street Businesses.”
The Economic Growth, Regulatory Relief and Consumer Protection Act addresses three main areas: access to mortgage and credit housing, regulatory relief for community lenders, and consumer protection.
Mortgage Credit and Housing: The legislation acknowledges that homeownership is a key to the American dream. This bill makes it easier for small financial institutions to lend to Idaho families, while supporting low income families. This bill also ensures that key consumer protections stay in place.
· Regulatory Relief: The bill recognizes that it is important to tailor regulation appropriately, especially for community banks, credit unions and regional banks.
· Consumer Protection: The legislation increases protection for consumers who fall victim to fraud and tough financial times.
Co-Sponsors:
Republican: Mike Crapo (R-Idaho), Jim Risch (R-Idaho), Bob Corker (R-Tennessee), Tim Scott (R-South Carolina), Tom Cotton (R-Arkansas), Mike Rounds (R-South Dakota), David Perdue (R-Georgia), Thom Tillis (R-North Carolina), John Kennedy (R-Louisiana) and Jerry Moran (R-Kansas).
Democrat: Joe Connelly (D-Indiana), Heidi Heitkamp (D-North Dakota), Jon Tester (D-Montana), Mark Warner (D-Virginia), Tim Kaine (D-Virginia), Angus King (I-Maine), Joe Manchin (D-West Virginia), Claire McCaskill (D-Missouri), Gary Peters (D-Michigan) and Michael Bennet (D-Colorado).
