Political Quotes

“Mr. Speaker, I rise today in favor of H.R. 3971, the Community Institution Mortgage Relief Act of 2017. I would like to also thank the gentlewoman from New York (Ms. Tenney) for her hard work on this piece of legislation and her leadership on this issue. An overwhelming majority of my Financial Services Committee colleagues recognized the need for this bill, and I hope that the full House will also recognize that very same need by voting in favor of this meaningful legislation. Mr. Speaker, the problem right now is that community banks are being crushed by the sheer weight, magnitude, and intricacy of habitual Washington regulations, and this is all thanks to the crippling effects of the failed Dodd-Frank. Currently, community financial institutions are facing overly burdensome rules implemented by the CFPB. The fact of the matter is we need H.R. 3971 in order to provide needed regulatory relief to small financial institutions. By making two simple, minor changes, community financial institutions will be able to better serve their customers. To be clear, the institutions we are trying to help are not big banks, and they do not have the capabilities of the big banks. To comply with current burdensome escrow rules, community financial institutions must devote more resources, time, and employees to compliance, and thos costs get passed down to the consumer.…”