Senate Passes Banking Reform
Sen. Crapo’s Bipartisan Legislation ‘Will Right-Size Regulation’ And Enhance ‘Important Consumer Protections’
SEN. MIKE CRAPO (R-ID), Senate Banking Committee Chairman: “The majority of us in this body recognize that our community financial institutions have been struggling to keep up with the regulatory demands coming out of Washington, and that it was time to revisit current law and make changes where necessary…. When this bill is signed into law, it will right-size regulation for financial institutions, including community banks and credit unions, making it easier for consumers to get mortgages and obtain credit…. It will also increases important consumer protections for veterans, senior citizens, victims of fraud, and those who fall on tough financial times.” (Sen. Crapo, Press Release, 3/14/2018)
- SEN. CRAPO: “This bill was a bipartisan compromise, the changes are commonsense, and it will allow financial institutions to better serve their customers and communities, while maintaining safety and soundness and important consumer protections. At a time of intense political polarization, we have proven that we can work together to get things done. This is good for small financial institutions, good for small business, and good for families across America.” (Sen. Crapo, Press Release, 3/14/2018)
SENATE MAJORITY LEADER MITCH McCONNELL (R-KY): “Yesterday, the Senate took a big step forward for the community banks, credit unions, and other small lenders on which communities across America rely for access to credit. On a strong bipartisan vote, we passed Sen. Crapo’s legislation to streamline the Dodd-Frank Act so that regulations intended for Wall Street place less of a crushing burden on Main Street.” (Sen. McConnell, Remarks, 3/15/2018)
Bill ‘Seeks To Cut Red Tape And Relieve Lenders From Some Of The Most Onerous Rules’
“The Senate on Wednesday passed a milestone bank deregulation bill …” (“Senate Passes Deregulation Bill Scaling Back Dodd-Frank,” Politico, 3/14/2018)
- “The Senate voted Wednesday to pass a bill that would be the biggest bank deregulation since 1999 and would roll back parts of the 2010 Dodd-Frank financial overhaul. More than a dozen Democrats joined the Republicans to pass the bill …” (“Senate Passes Bank Deregulation Bill, House May Seek Additions,” Roll Call, 3/15/2018)
“The bill is particularly aimed at helping small and medium-sized banks ...” (“Senate Passes Bill Easing Dodd-Frank Restrictions,” The Associated Press, 3/14/2018)
- “Centrist Democrats who helped author the bill … say the legislation recalibrates a series of post-financial-crisis rules that have stifled smaller banks in their home states.” (“Senate Passes Bill Easing Banking Rules,” The Wall Street Journal, 3/14/2018)
- “Stacey Tronson, the compliance officer for Cornerstone Bank, a North Dakota bank with 14 locations, said the compliance costs for the mortgage-reporting requirements alone have led other banks in her state to exit from the mortgage lending business altogether. ‘No small bank can continue to weather that,’ she said.” (“Senate Passes Bill Easing Banking Rules,” The Wall Street Journal, 3/14/2018)
“The bill, which has a good chance of becoming law, would be the most significant revamp of financial rules since Republicans took control of government last year and the Trump administration set out broad goals to reduce business regulations.” (“Senate Passes Bill Easing Banking Rules,” The Wall Street Journal, 3/14/2018)
- “Approved on a 67-31 vote, it seeks to cut red tape and relieve lenders from some of the most onerous rules put in place after the financial crisis … Supporters say the bill will spur more lending and boost the U.S. economy.” (“Senate Passes Bill Easing Banking Rules,” The Wall Street Journal, 3/14/2018)
‘Consumers Will See Some Direct Benefits From The Bill’
“Consumers will see some direct benefits from the bill. For the first time, credit-reporting companies Equifax, Experian and TransUnion will be required to provide free credit freezes to all consumers and free credit monitoring services to active-duty military — potentially helpful tools to alert Americans to fraud and identity theft.” (“Highlights Of The Senate Banking Bill,” Politico, 3/15/2018)
“The bill would also introduce new student loan safeguards as well as protections for veterans refinancing their mortgages. And it would permanently extend a policy that temporarily shields military personnel from foreclosure proceedings after they leave service.” (“Highlights Of The Senate Banking Bill,” Politico, 3/15/2018)
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SENATE REPUBLICAN COMMUNICATIONS CENTER
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