Rod Grams: “the Depository Institution Disaster Relief Act will help speed up the pace of recovery for flooded farms and towns. Our…”

“the Depository Institution Disaster Relief Act will help speed up the pace of recovery for flooded farms and towns. Our amendment will permit homeowners, farmers, and small businesses to have faster access to a larger pool of credit from the banks and credit unions that serve their communities by ensuring that there will be no regulatory roadblocks to local lending. It will permit Federal banking and credit union regulators to make temporary exceptions to current laws that act to reduce access to banks and credit unions in disaster areas. It will also permit Federal regulators to provide temporary relief from regulations so that it will be easier for flood victims to get loans. The temporary regulatory relief offered by this bill is strictly limited to those counties in Minnesota, North Dakota, and South Dakota that have been declared Federal disaster areas. Because of its targeted scope and limited duration, it will permit flood victims to rebuild their homes, farms, and businesses without compromising the integrity of our banking system.”