Robert Pittenger: “I do rise today in support of H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act. The Consumer…”

“I do rise today in support of H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act. The Consumer Financial Protection Bureau continues to issue regulations designed for massive, systemic-risk financial institutions without considering how those same rules harm small businesses, community banks, and credit unions. That is why my good friend and colleague, Congressman Denny Heck, joined with me to establish a small business advisory board within the CFPB. The goal is simple: to advise and consult with the CFPB on how any proposed regulations would impact the small-business community. Members of the small business advisory board must represent a small business dealing with financial services products. The legislation also encourages the CFPB Director to ensure participation of women- and minority-owned small businesses when appointing members to the board. H.R. 1195 also makes permanent the Credit Union Advisory Council and the Community Bank Advisory Council, both of which are currently voluntary and can be eliminated at any time at the discretion of the CFPB Director. Credit unions and community banks are struggling under enormous compliance burdens designed for too-big-to-fail banks. They are hiring compliance officers instead of loan officers, meaning less access to capital for small businesses to grow and to create jobs.…”