Last week, the United States House of Representatives passed Chairman Jeb Hensarling’s signature regulatory relief legislation, the Financial CHOICE Act, by a margin of 233-186.
All eyes now turn to the Senate Banking Committee, which is working on its own regulatory relief legislation.
Texas’ own Scott Heitkamp, ValueBank Texas President and CEO and current ICBA Chairman, appeared before the Senate Banking Committee last week, testifying about the harmful effect the Dodd-Frank Act has had on credit availability for worthy borrowers.
“Overregulation has created a very tight credit box by choking off community banks’ capacity to take on and manage reasonable credit risk,” Heitkamp said. “Often people with lower credit scores and lower income, or newly established small businesses, who are still creditworthy are being denied credit in today’s environment.”
Heitkamp further highlighted provisions of ICBA’s Plan for Prosperity, supported by IBAT, and the positive effects those provisions would have on economic growth.
“We are optimistic that the Senate will take up a relief package for community banks by the fall of this year,” said IBAT President and CEO Chris Williston. “The House Financial Services Committee, and Chairman Hensarling in particular, have shown great leadership in keeping this issue on the front burner. We look forward to seeing this done for the good of the industry and the American economy.”
Staff contact: Chris Williston, email@example.com, 512-474-6889