Political Quotes

“Community banks are a crucial source of credit for many across the Nation, but these banks are currently facing an ever-increasing regulatory burden that they can no longer shoulder. These misguided regulations are resulting in a devastating impact on small banks, forcing consolidation or failure and stifling creation of new banks in communities that need access to credit. In rural areas, such as my district in western Colorado, oftentimes the only access to credit for small businesses is a community bank. Unfortunately, rising compliance costs and complicated regulatory requirements have dried up bank credit for those in need of it most. For these reasons, I introduced, along with Representative Lacy Clay and Representative Barr, the Small Bank Exam Cycle Reform Act, a targeted relief effort designed to allow additional well-managed financial institutions to qualify for an 18-month exam cycle. Full-scope, onsite examinations of insured depository institutions are a rigorous event for banks of all sizes, especially small banks that may not have dedicated compliance staff. These examinations require significant preparation leading up to the examination, as well as attention to the onsite examiner during the exam itself. Whereas larger banks can absorb the work hours and compliance costs associated with these onsite examinations, community banks, much smaller institutions, do not have the economy of scale to deflect the burden.…”