March 07, 2018

Crapo Speaks on Senate Floor about Bipartisan Regulatory Relief Package

WASHINGTON – Idaho Senator Mike Crapo, Chairman of the Senate Banking Committee, joined several of his colleagues from the Committee to discuss his bill, the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), which is being debated on the Senate Floor this week. Each of the senators highlighted why this bill is important for their states, sharing stories about access to capital, the benefits of relationship banking, Dodd-Frank’s unintended consequences, and consumer protection, among other topics.

The bill would reduce regulatory burdens on community banks and credit unions and the customers they serve, as well as provide new protections to consumers. The bill also maintains the key protections to ensure the safety and soundness of our financial system. It has 26 cosponsors – 13 Republicans, 12 Democrats, and an Independent – highlighting the strong bipartisan support of this targeted and carefully crafted legislation.

Senator Crapo: “Many of us represent rural states where community banks and credit unions are primary providers of credit and financial services who are decidedly disadvantaged when it comes to keeping up with the ever-increasing compliance and examiner demands coming out of Washington. . . Our bill offers much-needed reforms that will reduce unnecessary burdens on smaller financial institutions so that they can use more of their capital serving customers, rather than complying with federal regulations that were never intended for them.”

To view Senator Crapo's remarks, click here.  

Full Remarks

Mr. President, I am joined by some of my colleagues from the Banking Committee who are also supporters of the “Economic Growth, Regulatory Relief and Consumer Protection Act.”

We rise today to speak about this bipartisan legislation that advanced out of the Committee last year by a vote of 16-7.

The primary purpose of this legislation is to make targeted changes to simplify and improve the regulatory regime for community banks, credit unions, midsize banks and regional banks to promote economic growth.

Many of us represent rural states where community banks and credit unions are primary providers of credit and financial services.

These institutions hold a competitive advantage over their larger counterparts, operating with a relationship-based knowledge of their customers and understand their unique needs.

But, they are decidedly disadvantaged when it comes to keeping up with the ever-increasing compliance and examiner demands coming out of Washington.

Our bill offers much-needed reforms that will reduce unnecessary burdens on smaller financial institutions so that they can use more of their capital serving customers, rather than complying with federal regulations that were never intended for them.

It also adds protections for consumers, veterans, and senior citizens and others against fraud and identity theft, as well as those falling on hard financial times.

The bill is the product of robust, bipartisan negotiations, which was years in the making.

It is the outgrowth of the feedback and input garnered from a process we initiated in the Banking Committee, as well as from previous hearings, briefings and many conversations among members.

I see Senator Heitkamp is here, and I would like to ask her to talk a bit about that process and how we reached this point today, and what it means for North Dakotans.