On the recordApril 13, 2015
I want to thank Congressman Mike Capuano for yielding time to me on this important bill. Mr. Speaker, I rise today in support of H.R. 1259, the Helping Expand Lending Practices in Rural Communities Act. This commonsense legislation would provide much-needed relief to rural Americans not just in my district, but in districts all over the country. I especially would like to thank my esteemed colleague from Kentucky, Representative Andy Barr, for introducing this very important piece of legislation once again. I fully agree with Congressman Barr's examples which he gave affecting his district and all of the State of Kentucky because in the great State of Texas, we have examples that will mirror those that you gave us. All across my district--and I represent approximately 80 communities in my congressional district that expands 250 miles geographically-- many rural communities are having trouble getting access to credit, while credit unions and small banks are also finding it difficult to service their members and clients. The designation of a county as rural has many implications for lenders in those areas, especially with regard to the credit products that they can offer. For example, under the new qualified mortgage rules, balloon mortgage payments, which are a common credit product offered in rural communities, would expose small creditors to increased legal liability.…
