Senator Bob Corker (R-Tenn.), a senior member of the Senate Banking Committee, on Monday joined Chairman Mike Crapo (R-Idaho) and other members of the Senate to announce an agreement on a legislative proposal to improve our nation’s financial regulatory framework and promote economic growth.
“Since Dodd-Frank was signed into law in 2010, community banks in Tennessee and across our country have faced an overwhelming and disproportionate regulatory burden,” said Senator Corker. “These reforms are long overdue and not only will help our community banks better serve hardworking Americans but also will ensure small businesses have access to the credit they need.
While more work remains, I believe this bill is an important step in the right direction and look forward to working with Chairman Crapo and other members of the committee to get this over the finish line.”
“A strong and vibrant economy is important for American consumers, businesses, and the stability of the financial sector,” said Chairman Crapo. “The bipartisan proposals on which we have agreed will significantly improve our financial regulatory framework and foster economic growth by right-sizing regulation, particularly for smaller financial institutions and community banks. I thank Senator Corker for his hard work and leadership in helping to reach this agreement, and look forward to continuing our work to achieve a robust, bipartisan legislative product.”
The package is targeted toward helping community banks, credit unions, mid-sized banks, regional banks and custody banks. It includes important consumer protections, particularly for veterans, senior citizens and victims of fraud.
Original co-sponsors include:
Republicans: Mike Crapo (R-Idaho), Bob Corker (R-Tenn.), Tim Scott (R-S.C.), Tom Cotton (R-Ark.), Mike Rounds (R-S.D.), David Perdue (R-Ga.), Thom Tillis (R-N.C.), John Kennedy (R-La.), Jerry Moran (R-Kan.).
Democrats: Joe Donnelly (D-Ind.), Heidi Heitkamp (D-N.D.), Jon Tester (D-Mont.), Mark Warner (D-Va.), Tim Kaine (D-Va.), Angus King (I-Maine), Joe Manchin (D-W.Va.), Claire McCaskill (D-Mo.), and Gary Peters (D-Mich.).
Highlights of the agreed-upon package include:
· Improves consumer access to mortgage credit;
· Provides regulatory relief for small financial institutions and protects consumer access to credit;
· Provides specific protections for veterans, consumers and homeowners; and
· Tailors regulations for banks to better reflect their business models.
For a section-by-section summary, click here.