House passes Crapo bill to provide relief to community financial institutions
WASHINGTON – Idaho Senator Mike Crapo, Chairman of the Senate Banking Committee, issued the following statement upon House passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155):
“This is a moment years in the making, and I thank my colleagues in the Senate and the House of Representatives for their partnership and contributions to this effort over the years,” said Chairman Crapo. “This step toward right-sizing regulation will allow local banks and credit unions to focus more on lending, in turn propelling economic growth and creating jobs on Main Street and in our communities. This is an important moment for small financial institutions, small businesses, and families across America.”
For years, senators and members of the House on both sides of the aisle have been working to reach consensus on how to provide relief for smaller financial institutions from regulations that were meant for the biggest, most complex institutions, while also ensuring a safe financial system. The Economic Growth, Regulatory Relief and Consumer Protection Act right-sizes the regulatory system for smaller financial institutions, allowing community banks and credit unions to succeed and invest further in their local areas. Rather than spending time on compliance, these institutions can redirect resources toward what they do best – approving mortgages, providing credit, and lending to small businesses and families in their communities.
S. 2155 is the most significant piece of regulatory reform legislation for community financial institutions in nearly a decade. The Senate passed S. 2155 on March 15 by a strong, bipartisan vote of 67 to 31. The bill now heads to the President’s desk for his signature. To learn more about the legislation, click here.