Political Quotes

“Mr. Speaker, I rise today to discuss overregulation. Chair of the Federal Reserve, Janet Yellen, recently said that small community banks really are suffering from regulatory overload. I absolutely agree. Community banks and credit unions are struggling with excessive and overly burdensome regulation. Today 17 of my colleagues on the House Financial Services Committee and I sent a letter to the Consumer Financial Protection Bureau, better known as the CFPB, regarding the most recent addition to the pile of regulations harming consumers and community financial institutions, the newly revised Regulation C. Regulation C requires most banks and credit unions to collect new personal data on loan applications beginning January 1, 2018. This regulation essentially doubles the current requirements triggered by Dodd-Frank. The CFPB, without adequate justification of need, now wants personal information, including business or commercial information, property values, property addresses, credit scores, and interest rates. This appears to be a government agency fishing expedition that should raise serious concerns relating to our personal privacy and liberties. This significantly higher regulatory hurdle means community financial institutions will have to allocate more of their limited resources to deal with Washington's red tape, rather than providing loans to families and businesses in Minnesota.…”