Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, over the last 10 years, the community financial institution industry has undergone a dramatic transformation. Since 2006, more than 1,500 banks have failed, been acquired, or merged, due to economic factors and the overwhelmingly expensive regulation brought forth by the passage of the Dodd-Frank Act. During this same period, there has been a drought in de novo banks. In fact, only five new banks charters and 16 new credit union charters have been granted. Today, for the first time in over 125 years, there are fewer than 6,000 banks and, roughly, 6,000 credit unions serving all consumers in the United States. This is proof that the community financial institutions need smart, commonsense regulatory relief so they can properly serve local communities by assisting with small business startups and consumer credit. My bill, H.R. 3971, the Community Institution Mortgage Relief Act, would alleviate harmful burdens on small institutions across the Nation while saving money for low-income borrowers. This bipartisan measure would exempt small community-based institutions from mandatory escrow requirements. My bill will also provide relief from new regulations that have nearly doubled the cost of servicing loans, specifically to low-income borrowers. I know that certain institutions will wish to continue to provide the same escrow services to their consumers, and they are welcome to do that.…”