Blog

Groups Praise House Efforts in Regulatory Reform Package
Posted by on May 21, 2018

In the years following the recent financial crisis, our community financial institutions have cited costly, burdensome, and one-size-fits-all Washington regulations as major roadblocks to their ability to grow  and serve their customers. Over the past several months, the House of Representatives has passed dozens of strongly bipartisan pro-growth bills to help not only our community financial institutions but small businesses and American consumers as well. These House-passed bills lift unnecessary regulations, provide relief to Main Street, and make it easier for folks to buy a car, achieve the dream of homeownership, grow their businesses and create jobs.

These efforts by the House – which make up approximately half of the “Economic Growth, Regulatory Relief, and Consumer Protection Act” – have been recognized and praised by a wide array of outside groups, including community and state bankers associations:

Independent Community Bankers of America & Credit Union National Association

“The bill that the Senate produced, frankly, would not have been possible without the earlier action on the part of the House, which passed H.R. 10, the Financial CHOICE Act introduced by House Financial Services Committee Chairman Jeb Hensarling. Several provisions of H.R. 10 are included in S. 2155. To be sure, years of deliberation, hearings, markups, and floor votes in the House inspired and prompted the Senate to craft and consider S. 2155. This is effectively a bicameral bill; the House deserves as much credit for S. 2155 as the Senate.” -ICBA President and CEO Camden R. Fine and CUNA President and CEO Jim Nussle

American Bankers Association

“The tireless work of the House Financial Services Committee over the last six years under the leadership of Chairman Jeb Hensarling cannot be understated nor can the influence the Committee had on this critically important bipartisan agreement.”

Michigan Credit Union League, Community Bankers of Michigan, Michigan Bankers Association               

“We thank you for your leadership in the House for all you have done to bring regulatory relief to the verge of enactment.”

BB&T Corporation, Capital One Financial Corporation, The PNC Financial Services Group, Inc., U.S. Bankcorp

“Under your leadership, the House has passed bipartisan legislation that considers a firm’s business model and risk profile, rather than an arbitrary asset threshold, in regulating our financial services sector.”

 National Association of Mutual Insurance Companies

“The National Association of Mutual Insurance Companies is very appreciative of the work of Chairman Jeb Hensarling, Ranking Member Maxine Waters, and the House Financial Services Committee on reining-in our federal activity at international insurance regulatory standard-setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors.”

Texas Bankers Association

“In addition to the Senate effort, the House has worked diligently to craft and pass legislation that provides additional meaningful reform in a bipartisan manner.”

Joint letter from state-based trades

“The undersigned organizations (51) commend the House of Representatives for its enormous contributions to the provisions that developed the final work product embodied in S. 2155. The bill reflects years of House Financial Services Committee hearings and legislative deliberations, and includes numerous bipartisan provisions originated in the House. Upon enactment of this important bill, our nation’s communities will be greatly indebted to House Financial Services Committee Chairman Jeb Hensarling, his colleagues on the committee and members of the House who – along with the Senate – took action to reduce impediments to job creation and economic growth.”

Independent Insurance Agents and Brokers of America, National Association of Mutual Insurance Companies, and the Property Casualty Insurers Association of America

“The Independent Insurance Agents & Brokers of America (IIABA), the National Association of Mutual Insurance Companies (NAMIC), and the Property Casualty Insurers Association of America (PCI) are very appreciative of your leadership of the House Financial Services Committee and your efforts through the years on reforming the way that financial services regulation is done in this country. We are particularly supportive of the committee’s work on refocusing our federal activity at international insurance regulatory standard-setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors.”

Independent Community Bankers of America

“ICBA thanks the House for passing much-needed community bank regulatory relief, which will promote economic and job growth in local communities,” ICBA President and CEO Camden R. Fine said. “These important bills will help ensure that community banks can continue supporting their local consumers and small businesses.”

National Association of Federally-Insured Credit Unions

“Both the House and Senate have passed NAFCU-backed comprehensive regulatory relief bills this Congress – H.R. 10, the Financial CHOICE Act in the House and S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act in the Senate.  NAFCU is pleased to see recent reports that the House may soon act on S. 2155 in order to ensure that regulatory relief can be enacted into law this year.  We urge both the House and Senate to continue their work to ensure that this bill is enacted into law.  As with most pieces of legislation, bi-partisan and bi-cameral agreement is not an easy undertaking.  To that end, there has been much debate in the public arena as to whether S. 2155 should be amended with further additions when it is considered by the House.  NAFCU is extremely supportive of S. 2155, but also has been supportive of bi-partisan measures passed by the House since the start of this Congress.  NAFCU supports a regulatory environment that allows credit unions to thrive."

Freedom Partners

“Chairman Hensarling deserves enormous credit for seeing the big picture on the importance of enacting relief from onerous financial regulations.” -Freedom Partners Executive Vice President Nathan Nascimento

    Post a Comment
    Fill out the fields below to submit a comment