On the recordMay 5, 2010
Yes, I believe it will absolutely strengthen the community banks. And as you know, many of the community banks were provided additional protections, Mr. Speaker, by making sure that the CFPA was only part of the regulatory structure when we went into community banks so that we didn't place yet an additional burden in terms of an examination on that community financial institution. So I believe this is an additional protection because for far too long, these entities were existing outside of a regulated marketplace, which put community banks, the guys that were doing the right thing, the guys that so many of us rely upon, and lend to small businesses, lend to people trying to purchase their homes--they were at a competitive disadvantage, and this really does strengthen those community banks because it forces everybody to have an even playing field.
