RELEASE: Blunt-Backed Bill Would Strengthen Consumer Protections, Provide Regulatory Relief for Community Banks

WASHINGTON – U.S. Senator Roy Blunt (Mo.) recently cosponsored the Economic Growth, Regulatory Relief and Consumer Protection Act. This bipartisan legislation would roll back excessive red tape on community banks, and strengthen consumer protections for veterans, senior citizens, and victims of fraud.

“Credit unions and community banks provide critical financial services for families and small businesses across Missouri,” said Blunt. “However, since Dodd-Frank became law, small and mid-sized banks have faced a huge regulatory burden that negatively impacts their ability to provide Main Street business access to capital and credit. This bipartisan bill would strengthen consumer protections and roll-back Dodd-Frank regulations that make it harder for local businesses to grow and thrive.”

“Credit unions in Missouri appreciate the support from Senator Blunt on this much-needed bill that right-sizes regulations for smaller community financial institutions,” said Brad Douglas, President and CEO, Heartland Credit Union Association. “The regulatory relief provided by the Senate Economic Growth bill is a major step forward in moving away from a system that treats credit unions the same as the biggest banks. By addressing the unintended consequences of one-size-fits-all regulations while still keeping consumer protections in place, this bill helps credit unions improve the financial well-being of the working families we serve each and every day.”

“On behalf of the Missouri Bankers Association, I greatly appreciate Senator Blunt’s support for S. 2155,” said Max Cook, President and CEO, Missouri Bankers Association. “This common-sense legislation will allow banks to better serve the needs of customers and businesses in our communities.  We are confident that financial regulatory reform will unleash America’s economic potential.”

The Economic Growth, Regulatory Relief and Consumer Protection Act would:

  • Improve consumer access to mortgage credit;
  • Provide regulatory relief for small financial institutions and protect consumer access to credit;
  • Provide specific protections for veterans, consumers and homeowners; and
  • Tailor regulations for banks to better reflect their business models.

Click here for more information on the bill.

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