On the recordDecember 7, 2017
I thank my friend from Georgia, Mr. Woodall, for yielding and for his great comments about bipartisanship. 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, have been acquired, or have merged due to economic factors and the overwhelmingly expensive regulation brought forth by the passage of Dodd-Frank. During that same period, there has been a drought in de novo banks. In fact, only five new bank charters and 16 new credit unions have chartered since that time. Today, for the first time in 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 community financial institutions need smart, commonsense, regulatory relief so they can properly serve local communities by assisting them with small business startups and consumer credit, particularly in a region like mine in upstate New York. It is important that we pass this rule today to consider my bill, H.R. 3971, the Community Institution Mortgage Relief Act. {time} 1315 This bipartisan measure would offer real relief for institutions that are barely surviving in an excessive regulatory environment. I thank my colleague, Mr. Sherman, for assisting us in a bipartisan way to bring this bill forward and to make it even better than we originally conceived it. H.R.…
