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House Subcommittee Examines Legislative Proposals for Regulatory Relief
On Wednesday, July 12, 2017, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions.” The hearing discussed nine bills seeking to tailor the regulatory framework for financial institutions serving consumers and small businesses.
In advance of the hearing, CBA sent Chairman Blaine Leutkemeyer (R-MO) and Ranking Member Lacy Clay (D-MO) a letter for the record highlighting CBA’s support for several of the bills. The letter addressed the need for the repeal of guidance restricting Deposit Advance Products, an end to Operation Choke Point, the repeal of Section 1071 of Dodd-Frank, and the repeal of the CFPB’s abusive standard. In addition, CBA noted its support of the Making Online Banking Initiation Legal and East Act of 2017 (MOBILE Act), the Financial Institutions Due Process Act of 2017, and the Privacy Notification Technical Correction Act.
Hearing witnesses included: Mr. Robert Fisher, President and Chief Executive Officer, Tioga State Bank, on behalf of Independent Community Bankers of America; Mr. Rick Nichols, President and Chief Executive Officer, River Region Credit Union, on behalf of the Heartland Credit Union Association; Mr. Scott B. Astrada, Director of Federal Advocacy, Center for Responsible Lending; and, Professor J.W. Verret, Senior Affiliated Scholar, Associate Professor, George Mason University School of Law.