03.14.18

Daines Urges Senate to Roll Back Dodd-Frank Regulations

U.S. SENATE – U.S. Senator Steve Daines today spoke on the floor of the U.S. Senate in support of rolling back Dodd-Frank regulations.

Dodd Frank Floor Speech 

To watch the video click HERE.

To download the video click HERE.

“Dodd-Frank has suffocated Montana’s rural banks and credit unions and ultimately, the Montana customers who use these banks and credit unions have been hit the hardest. I wasn’t here in 2010 when this bill was passed – but I’m really happy to be here now to help undo some of the damage caused to our rural communities,” said Daines.

Since the passage of Dodd-Frank, 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.

A section-by-section outline of the Economic Growth, Regulatory Relief, and Consumer Protection Act can be found, HERE. 

Background:

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.

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 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 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. 

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