Political Quotes

“I guess we have a new definition. We just heard that the CFPB has streamlined things for local banks. I guess this is Washington's version of streamlining regulations: 1,888 pages. My gosh. So I come to the floor today to commend the chairman of the committee and the gentleman from Arkansas (Mr. Hill) for moving this legislation before us, H.R. 3192, and for Members on both side of the aisle who have supported this type of legislation as well. Let us understand what this legislation does not do. It does not remove any authority from the CFPB to take enforcement actions against bad actors under the new Integrated Disclosure rules. Secondly, it does not remove any kind of incentives for lenders to comply with the new rule. So I think it is important that we recognize what it does not do, despite some of the claims that we are hearing from the other side of the aisle. So what does the bill do? It simply provides a grace period, if you will, for lenders, your local bankers, if you will, who act in good faith to comply with this 1,888-page simplification of the new rules that the CFPB has put out there. I think it is ironic that the CFPB took over 1,800 pages of rulemaking authority and analysis and all the time, yet the agency is unwilling to provide the lenders--your local banks, if you will--a brief period in order to comply with all the rigamarole, the red tape, the technology, the compliance for them to get up to speed on this.…”