Houses Passes Bipartisan Legislation to Expand Consumer Protections, Provide Regulatory Relief to Small Banks

Press Release

Today, Congressman John K. Delaney (MD-6) voted for the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155). The bipartisan legislation establishes new consumer protections and provides targeted regulatory relief for credit unions and community banks, including provisions designed to make it easier for small financial institutions to lend to families and small businesses. S.2155 passed the House in a 258-159 vote and passed the Senate in a 67-31 vote earlier this year.

The Economic Growth, Regulatory Relief, and Consumer Protection Act includes Congressman Delaney's Protecting Veterans Credit Act (H.R. 2683), bipartisan legislation to ensure that veterans' credit scores and credit reports are not negatively affected by delayed medical payments associated with the Department of Veterans Affairs' Veterans Choice Program and other VA Community Care programs. Delaney's Protecting Veterans Credit Act has 34 cosponsors and was endorsed by the nation's leading veterans organizations. The bill also includes the Encouraging Employee Ownership Act (H.R.1343) -- Congressman Delaney is the lead Democratic cosponsor -- which would allow private companies to offer more company stock options to their employees.

"This legislation is bipartisan, pragmatic and solutions-oriented, combining new consumer protections with targeted regulatory relief for small community banks and credit unions. It's certainly not perfect and we must continue to make sure that regulators use their full statutory power to protect consumers, investors and the financial system, but it does include dozens of commonsense bills that have wide support. Consumers, working families and entrepreneurs all benefit from having a variety of choices and healthy competition for their business and that's why we need this bill, because around the country, community banks have been closing and pulling back their business.

"I'm proud that two bipartisan bills I worked on, the Protecting Veterans Credit Act and the Hultgren-Delaney Encouraging Employee Ownership Act, were included in this bill and I thank all of our cosponsors for their support. No veteran should have their credit score ruined because of delayed VA medical payments, and when this bill is signed into law that will no longer be the case.

"Unfortunately, the reaction to this bill is an example of what's wrong with our politics. Some of the loudest voices -- on both sides of the aisle -- are falsely claiming that this legislation is a massive rollback of Dodd-Frank, when that simply isn't true. This is the same divisive playbook and dishonest rhetoric we see all too often, and the American people deserve better," said Congressman Delaney.

The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155):

Keeps the central tenets of the Dodd-Frank Wall Street Reform and Consumer Protection Act unchanged. According to former Rep. Barney Frank, who co-authored Dodd-Frank, the bill, "does not in any way weaken the regulations we put in there for the largest banks or that were there to prevent the kind of crisis we had 10 years ago";
Preserves the Consumer Financial Protection Bureau and its mission;
Includes new consumer protections for servicemembers and veterans, including free credit monitoring for active duty military along with provisions to protect veterans from predatory lending;
Provides free credit freezes for consumers, along with further protections for minors, seniors, and student loan borrowers;
Includes foreclosure protections for tenants and active duty servicemembers;
Provides targeted regulatory relief and simplified capital requirements for small community banks and credit unions so that it is easier for them to extend credit to families and small businesses.

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