WASHINGTON. D.C. – This week, the House Financial Services Committee approved 11 bipartisan bills designed to help strengthen the economy and consumer choice by relieving community banks and credit unions from some of the harmful regulatory burden imposed by Washington.
The explosive growth of regulation following the enactment of the Dodd-Frank Act has made it significantly harder for community banks and credit unions to survive and serve customers. New regulations and higher compliance costs have accelerated the pace of industry consolidation and forced many small banks and credit unions to close their doors. Since the passage of Dodd-Frank nearly five years ago, big financial institutions have gotten bigger and small financial institutions have become fewer.
As a result, consumers are finding they have less access to affordable credit and that their local financial institution can no longer provide them with the products and services they want and need, such as free checking or affordable home mortgages.
“This week, the House Committee on Financial Services acted to pass multiple, common-sense bills to alleviate the regulatory burdens Granite State individuals, families and businesses are forced to comply with. This limits their ability to obtain credit, achieve financial independence, economic opportunities and overall success. These 11 bipartisan bills not only help Granite State consumers; but, they also help strengthen our state’s vital community banks and credit unions.”
For a list of the 11 bipartisan bills that passed the Committee, please click here.