In an effort to help consumers access affordable credit, U.S. Rep. Blaine Luetkemeyer (MO-03) this evening introduced the Community Lending Enhancement and Regulatory Relief (CLEARR) Act.

This legislation seeks to ease the burdens facing local financial institutions by providing them with targeted regulatory relief from an onslaught of federal red-tape that has made it increasingly difficult for them to serve their customers and communities. Included in the legislation are provisions to provide relief from costly escrow requirements, increase regulatory due process for financial institutions, limit the authorities of the Consumer Financial Protection Bureau, curtail Operation Choke Point, and increase consumer access to mortgages and other banking products.

“Serving on the House Financial Services Committee, I heard countless stories from consumers about the impact Washington has on their ability to access banking products and move toward financial independence. The bottom line is that the Obama-era regulatory environment has stifled growth and hurt local communities,” Luetkemeyer said. “That is why I am reintroducing this legislation to allow community banks and credit unions to get back to the business of serving their customers. This legislation will help community financial institutions foster economic growth and build a stronger America. The pendulum has swung too far, and it’s time to return to a common-sense, responsible approach to financial regulation that protects consumers from harm without jeopardizing access to the financial products they need to grow their businesses, invest in their communities, and provide for their families.”

In March, President Trump met with community bankers from across the country to discuss the difficulties they have faced as a result of the excessive regulatory environment fostered by Dodd-Frank. Included in the meeting was Luanne Cundiff, President and CEO of First State Bank in St. Charles and a constituent of Luetkemeyer. 

“Since the implementation of Dodd-Frank, over 1,900 banks have disappeared across the country,” Cundiff said. “Community banks are critical to our local economies and with the alarming number of these banks closing, we are hoping for relief from costly regulations. Congressman Luetkemeyer’s legislation would be a big first step in allowing community banks to be able to serve the customers in our regions.”

Luetkemeyer introduced similar legislation in the 113^th and 114^th Congresses.