luetkemeyer.house.gov
Washington,
January 9, 2018
-
U.S.
Rep. Blaine Luetkemeyer (MO-03) issued the following statement after the
Financial Institutions and Consumer Credit Subcommittee hearing entitled
“Legislative Proposals for a More Efficient Federal Financial Regulatory
Regime: Part III.”
“As
I’ve said in the past, the financial regulatory pendulum has swung too
far. Rules and regulations are driving financial institutions to merge,
exit entire lines of business, discontinue services to their customers or, in
some cases, permanently close their doors. We see it every day and hear
about it not just from institutions but also the small businesses throughout
our communities who depend on these services to make payroll or reinvest in
their companies and create new jobs. It’s possible to have a regulatory regime
that protects the American people without needlessly limiting consumer
choice. The bills discussed in today’s subcommittee hearing will help
foster a more reasonable regulatory environment that frees lenders and sellers
to do what they do best: offer financial products and services to their
customers and grow their communities.” During
the hearing the subcommittee reviewed the following regulatory reform
legislation: H.R. 1264, the "Community
Financial Institution Exemption Act" H.R. 2683, the
"Protecting Veterans Credit Act of 2017" H.R. 4648, the "Home
Mortgage Reporting Relief Act of 2017" H.R. 4725, the
"Community Bank Reporting Relief Act" H.R. ____, a bill to
amend the Truth in Lending Act to clarify the exclusion for sellerfinancers
from the definition of mortgage originator, and for other purposes. ###