05.24.18

Daines Joins President at White House to Roll Back Dodd-Frank Regulations

U.S. SENATE – Today, President Donald Trump invited U.S. Senator Steve Daines to a bill signing ceremony at the White House for legislation that will roll back disastrous Dodd-Frank regulations.

“Montana’s rural banks, credit unions and customers have been the biggest victims of Dodd-Frank,” said Daines. “It was great to join the President at the White House to finally takes steps to provide relief to our rural communities.”

The Dodd-Frank Act has done tremendous harm to Montana by eliminating small community banks and credit unions and by limiting consumer access to their services, such as mortgages and depository services. Since the bill’s passage in 2010, the number of state-chartered banks in Montana has fallen from 64 to 44 – over a 31 percent decline – largely due to consolidation as small community banks have not been able to keep pace with the demands of the Obama Administration’s regulations. The number of federally insured credit unions in Montana has also fallen from 57 to 51 – an over 10 percent decline.

Statements of Support: 

“Senator Daines has consistently fought for main street and against burdensome regulations like Dodd Frank  from day one” - Jay Harris, President Yellowstone Bank

“We at Opportunity Bank of Montana appreciate Senator Daines’ support of Community Bank Relief that was a big part of Senate Bill 2155, recently signed by President Trump.  The bipartisan nature of this bill demonstrates that community banks have broad support and play a vital role in America’s economy.” - Pete Johnson, President and CEO, Opportunity Bank of Montana

"The membership of the Montana Independent Bankers Association expresses its gratitude to Senator Daines today for his great work in getting S. 2155, a bill that provides much needed regulatory relief to Montana’s community banks, to President Trump’s desk – where the bill was signed into law today.  Since his first election to Congress, Senator Daines has been a tireless champion for sensible community banking regulatory relief.  Despite the best intentions in enacting the bill, the Dodd-Frank Act has proven to be a huge financial burden on Montana banks that  had nothing to do with the financial crises of the late 2000s.  Given his long background in business, Senator Daines has always understood that community bank regulatory relief provisions, such as the provisions contained in S.2155, were and are needed to help Montana’s main street banks to continue their important mission of serving their customers and their communities.  With the enactment of S.2155, Montana’s community banks will be in a better position to allocate their financial resources toward community development projects, as opposed to spending their capital on meeting ever growing government regulatory compliance mandates." -Jim Brown, Executive Director, Montana Independent Bankers

“With the passage of S 2155, Montana’s credit union members now have access to important services through not-for-profit credit unions, as well as some critical consumer protections. We are thankful for the support of Senator Steve Daines,” - Tracie Kenyon, President and CEO, Montana’s Credit Unions

Background: 

On March 14, 2018, Daines spoke on the floor of the United States Senate urging his colleagues to support rolling back Dodd-Frank regulations.

On March 7, 2018, Daines cosponsored the Senior$afe Act, which fixes regulations that discourage financial professionals from disclosing to regulators suspected exploitation of senior citizens.

On September 18, 2017, Daines cosponsored the Home Mortgage Disclosure Adjustment Act, which exempts small community banks and credit unions that issue less than 500 mortgages annually from onerous demographic reporting requirements. This bill has been included in the Economic Growth, Regulatory Relief, and Consumer Protection Act. 

On June 14, 2017, Daines cosponsored the CLEAR Relief Act, which provides a CFPB qualified mortgage safe harbor for small financial institutions with $10 billion or less. Key provisions from this bill are included in the Economic Growth, Regulatory Relief, and Consumer Protection Act.

On May 16, 2017, Daines cosponsored the TAILOR Act of 2017, which requires financial regulators to tailor their rules to consider the size, risk profile, complexity, and business model of financial institutions impacted.

On February 15, 2017, Daines introduced the Consumer Financial Protection Bureau (CFPB) Accountability Act of 2017 to address regulations passed under Dodd-Frank and make the bureau accountable to the American people by bringing it under the Congressional appropriations process.

 

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