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House of Representatives Pass The Financial CHOICE Act

Board of Directors - Friday, June 09, 2017

The House of Representatives passed the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs) Act Thursday, a bill that significantly chips away at about 40 provisions and regulations put in place via Dodd-Frank during the Obama-era.

When the Dodd-Frank Act was enacted, it was sold to the American people as a solution to the financial crisis that would hold Wall Street banks and bad actors in the financial services arena accountable.

In the years since its enactment, however, big banks have grown larger, and small banks and credit unions across the country have suffered. In fact, community financial institutions are disappearing at an average rate of one per day (1,600+ which have either closed or been forced to merge since the implementation of Dodd-Frank). This is because the large Wall Street banks are the only ones with the manpower and resources to navigate the complex Dodd-Frank regulatory environment.

The Financial CHOICE Act, provides desperately needed relief to community financial institutions from the harmful, complex and excessive regulatory environment created by the Dodd-Frank Act. It increases access to, and reduces the cost of, credit for families that want to purchase a home or start a business.

 

Regulatory relief would alleviate the burdens on lending to small businesses, which account for 70 percent of all new jobs created in the US.

 

When institutions begin to flourish and thrive again, lower-income and middle-class consumers, as well as small businesses, that rely on the services of community banks will once again have more choices and better access to the products and services they need to live their daily lives and conduct their businesses.

The legislation passed the House by a vote of 233 to 186. CHOICE would end Dodd-Frank’s too-big-to-fail bailouts for financial firms and creditors, deliver stronger consumer-fraud protections for all Americans, and provide much-needed regulatory relief to community banks and other small financial institutions. The CHOICE Act will be sent to the Senate next, where the path to approval could prove more difficult.

Trump meets with 100-plus community bankers

Board of Directors - Monday, May 01, 2017

President Trump met with the top leadership of the Independent Community Bankers of America on Monday, including more than 100 of its members.

The meeting was requested by the president, according to Cam Fine, the president and CEO of the Independent Community Bankers; and, Vice President Mike Pence was also in attendance.

“ICBA is deeply honored that the White House reached out to ICBA and invited more than 100 of our ICBA community bank leaders to meet with President Trump during our annual Capital Summit,” Fine said in a press release. The ICBA discussed issues that are top of mind for our nation’s more than 5,800 community banks—including regulatory reflief.

While Trump has met with small groups of bankers before, this is by far his largest gathering with community bankers. Since taking office, he has repeatedly sought to reassure them that he is committed to regulatory relief. He signed an executive order requiring Treasury Secretary Steven Mnuchin to examine what can be done to provide help to institutions as part of a review of the Dodd-Frank Act.

 

Community banks are the backbone of small business in america!   - President Trump

 

Trump also met with a smaller group of community bankers in March. Participants in that meeting came away impressed, saying the president repeatedly asked his advisers if he could fix problems in the system by issuing new executive orders (many of the problems bankers brought to him either required legislation or action by an independent regulator).

Community bankers are hopeful for the passage of regulatory relief this year, though the outlook for sweeping legislation is poor.

While House Financial Services Committee Chairman Jeb Hensarling is expected to see his relief bill pass the panel on Tuesday, the legislation stands little chance in the Senate. Democrats broadly support providing relief to community bankers, but are opposed to many of the Hensarling bill's provisions, including its restructuring of the Consumer Financial Protection Bureau.

Senate Banking Committee Chairman Mike Crapo, R-Idaho, has said passage of a broad relief bill is unlikely, but he is working with Democrats on targeted bipartisan legislation. Hensarling and Mnuchin are expected to appear at the ICBA's Capital Summit this week.

GOP preparing plan to gut Consumer Finance Protection Bureau

Board of Directors - Thursday, February 09, 2017

gop preparing plan to gut consumer finance protection bureau

By Renae Merlea, Washington Post | February 9, 2017

A Republican plan to dismantle Wall Street regulations would strip the Consumer Financial Protection Bureau of many of its powers, including eliminating its consumer complaint database and scaling back its enforcement abilities, according to a five-page memo distributed by Rep. Jeb Hensarling, chairman of the powerful House Financial Services Committee.

The memo obtained by The Washington Post offers the first peek into Republican plans to ease regulations big banks have been subject to since 2010's Dodd-Frank Act.

Read the entire article here

With Stroke of a Pen Donald Trump Will Wave Goodbye to the Dodd Frank Act

Board of Directors - Friday, February 03, 2017

With Stroke of a Pen Donald Trump Will Wave Goodbye to the Dodd Frank Act

By Antoine Gara, Forbes | February 3, 2017

When taking the White House, President Donald Trump vowed to do a "big number on Dodd Frank," the sweeping banking legislation put in place by the administration of President Barack Obama in response to the 2008 financial crisis. President Trump called Dodd Frank "a disaster" that has impeded growth by making it harder for banks to lend to consumers and small businesses. Still in his second week in office, Trump is making good on his statement.

On Friday afternoon he signed an executive order, which he said would dramatically scale back the Dodd Frank Act…

Read the entire article here

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