Representative James Lankford (R-Okla.) and Representative Peter Welch (D-Vt.) today proudly introduced H.R. 5786, the Small Financial Institutions Regulatory Relief Act of 2014. These simple, bipartisan reforms to certain Dodd-Frank regulations will provide much-needed relief for community financial institutions, who are sometimes the only access to banking services in rural areas.
"I am proud to introduce this bipartisan bill that takes a first step to give our community financial institutions relief from some of Dodd-Frank's most onerous provisions," said Lankford.
"Community banks and credit unions know their customers personally because they live and work in their communities. They know the financial goals and obstacles their neighbors face and can offer the most personalized solutions, but new federal regulations prevent them from providing options to their customers.
"While we may differ in our overall approach and on the value of Dodd-Frank, Rep. Welch and I are happy to take steps in areas where we have common ground to ease the federal regulations preventing our community financial institutions from fully serving their customers."
"Community banks are in the business of lending money to the real economy by providing much-needed loans to American small businesses and families," said Rep. Welch. "They do not engage in the casino-style financial trading that plunged the American economy into a deep recession and that Dodd-Frank was designed to prevent."
"I am proud to join with Rep. Lankford to introduce this bipartisan legislation that will provide common-sense regulatory relief to our community banks to allow them to better serve Main Street," concluded Welch.
"I look forward to consideration of this bill and welcome any opportunities to provide a reprieve from burdensome federal regulations to our community financial institutions," concluded Lankford.