U.S. Senator Tom Carper and Chris Coons (both D-Del.) announced their support for bipartisan legislation authored by Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Senator Mark Warner (D-Va.), to reduce regulatory burdens on community banks and credit unions.
The bill, the Economic Growth, Regulatory Relief and Consumer Protection Act, which has 20 bipartisan co-sponsors, will be voted on in the Senate Banking Committee tomorrow.
“After the financial crisis, Congress passed much-needed reforms to strengthen the banking system and help protect consumers by reining in predatory and reckless behavior. Seven years later, we know that many of those reforms are working well, while others require adjustments to ensure community banks and credit unions continue to be a valuable source of affordable loans for families and small businesses,” the senators stated. “After extensive discussions with our colleagues on both sides of the aisle, we have decided to join this bipartisan effort to further protect everyday American families and support community banks and credit unions. Our support for this bill, however, only came once we were able to make important changes to it, including the addition of a provision that allows all active-duty service members to receive quality, free credit monitoring, an important service they deserve but don’t currentlyreceive. When it comes to banking legislation, our first priority is to ensure strong consumer protections. This legislation will further protect American consumers and help local banks and credit unions successfully serve their communities.
The statement continued, “Finally, we don’t believe this bill is perfect, but we do believe that it is a step in the right direction for both consumers and community banks and credit unions. We also believe this is the product of both bipartisan compromise and regular order, two things in far too short supply in the Senate today.”
The legislation comes as the Trump Administration put an active director to head the controversial Consumer Protection Financial Bureau, a move that critics see as a plan to dismantle the agency that has fined financial institutions, such as Wells Fargo for consumer issues.
Critics have claimed the agency is not accountable to Congress.
Carper and Coons represent a state with a large financial services sector that employs tens of thousands.