05.23.18

Georgia Banks & Industry Groups Applaud Dodd-Frank Rollback

WASHINGTON, D.C. – Georgia-based community banks, regional banks, and industry groups are applauding the significant rollback of Dodd-Frank Act regulations. As a member of the Senate Banking Committee, U.S. Senator David Perdue (R-GA) helped craft the bipartisan rollback plan, which included three of his provisions. The rollback plan now heads to President Trump’s desk to become law.

American Bankers Association: “We appreciate Senator Perdue’s strong leadership on the Senate Banking Committee and his determination to deliver much needed regulatory relief to Georgia’s banks so they can better serve their customers and communities and grow the economy. As an original co-sponsor of the Economic Growth, Regulatory Relief, and Consumer Protection Act, Senator Perdue played a key role in getting this legislation across the finish line, and his support for mortgage lending changes in particular will mean more creditworthy Georgians will the chance to buy a home.” – Rob Nichols, President and CEO, American Bankers Association

American Pride Bank: “Increased regulations on community banks have made it harder for us to offer some of the basic products our customers expect from a bank. I’m glad to say we’re taking a serious look at finally being able to get in the mortgage business because of the adjustments we’re seeing through this bill. I’m hopeful the President will sign the bill into law soon, and want to thank Senator Perdue for his support of this regulatory relief legislation that truly helps our consumers, our businesses, and our economic vitality.”John Hall, President and CEO, American Pride Bank in Macon

Carver State Bank: “I want to thank Senator Perdue for leading on this bill and for working with not just members of his own party, but also with Democrats to get relief for smaller banks. Carver State Bank is a 91-year-old black-owned community bank in Savannah, Georgia. Our mission is to provide access to capital to those members of our community who have traditionally been denied access to the financial system. In spite of our small size, we have a huge impact on the community we serve in southeastern Georgia. This bill will allow us to make sure we have access to liquidity, which then allows us to provide the small business loans, affordable housing development loans, community facility loans, and consumer loans that are critical to the community we serve.” – Robert James, II, Director of Strategic Initiatives, Carver State Bank in Savannah

Century Bank and Trust: “Senator Perdue has always been a great friend of community banking. He knows and appreciates that community banks make more than half of small business loans to entrepreneurs in Georgia and throughout the nation – providing the capital these local businesses need to grow and prosper. Community bankers greatly appreciate Senator Perdue’s tremendous help with this much needed regulatory relief legislation, which will benefit our local communities. His support from the Senate Banking Committee, to helping us get traction in the House for a vote, demonstrates his commitment to Main Street communities.” – Derek Williams, President and CEO, Century Bank and Trust in Milledgeville

Citizens Trust Bank: “Thank you Senator Perdue for your leadership on the Economic Growth, Regulatory Relief, and Consumer Protection Act. As a result of this bill, Citizens Trust Bank will be focused on growing our mortgage business. With the regulatory relief measures, we will revisit our business model which will enable our lean, yet mighty team to more efficiently process mortgages and thus build the communities we serve by ensuring that people can realize the American dream of home ownership. We thank Congress for meeting the current needs of the financial services industry while also protecting the interest of the consumers we serve.” – Cynthia Day, President and CEO, Citizens Trust Bank in Atlanta

Community Bankers Association of Georgia: “On behalf of Georgia’s community banks, we are extremely excited about the passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act and the common sense regulatory relief its passage will provide community banks. This legislation is a tremendous first step in allowing local banks to once again focus on customers and being the economic engines of their communities, as opposed to completing government red tape. We greatly appreciate Senator Perdue for co-sponsoring this bill, and thank and applaud all members of Georgia’s congressional delegation that voted in favor of this much-needed reform. This is a great win for small businesses in Georgia and across our nation.” – Rob Braswell, President and CEO, Community Bankers Association of Georgia 

Credit Union National Association: “CUNA, state credit union leagues, credit unions and credit union members all deserve a major round of applause for getting this historic bill through Congress and onto the president’s desk. From the moment a group of bipartisan Senators unveiled this bill, credit unions told them loud and clear that this is an essential piece of regulatory relief legislation that will improve access to mortgage lending, real estate loans and other products and services, while putting focus on senior abuse and cyberthreats. We thank that group of Senators, their colleagues who voted in favor of the bill, House leadership, and all the members of the House who supported the Economic Growth, Regulatory Relief, and Consumer Protection Act. The bill’s opponents fought hard, but these credit union champions stayed strong and stuck to their guns leading into a tough election year, and they deserve our thanks.” – Jim Nussle, President and CEO, Credit Union National Association

Georgia Bankers Association: “The winners today are the people and businesses in Georgia as this bill helps banks of all types in every corner of the state. It cuts paperwork and costs, makes well-underwritten mortgages easier to provide to more customers and adds consumer protections. And, while it recalibrates certain capital and other regulatory thresholds, key protections remain but they’re now tailored to more appropriately reflect the variety in size, complexity and overall risk posed by different banks. We appreciate Georgia’s Representatives who voted for the bill, and we applaud Senator Perdue for his leadership in securing rare bipartisan support for the bill as it originated in the U.S. Senate.” – Joe Brannen, President and CEO, Georgia Bankers Association

Georgia Chamber of Commerce: “Community and regional banks play an integral role in the development of thriving and prosperous communities. These banks provide capital to local businesses who fill our main streets and grow our downtowns. Rolling back burdensome regulations is an important part of ensuring banks can help businesses of all sizes in communities across Georgia. We applaud Senator Perdue for his focus on this important issue.” – Chris Clark, President and CEO, Georgia Chamber of Commerce 

Georgia Credit Union Affiliates: “Georgia Credit Unions are extremely pleased that the House has passed the Economic Growth, Regulatory Relief, and Consumer Protection Act and that regulatory relief is on the way for community-based financial institutions. We applaud all Georgia House members who voted for the legislation and especially thank Senator David Perdue for his early co-sponsorship of the bipartisan bill. This common-sense bill delivers on its promises and keeps important consumer protections in place while allowing community-based financial institutions – like credit unions – to do their job and improve the financial well-being of the working families they serve.” – Mike Mercer, President and CEO, Georgia Credit Union Affiliates

 Georgia Department of Banking and Finance: “The Economic Growth, Regulatory Relief, and Consumer Protection Act, provides meaningful regulatory relief for community and regional banks and credit unions.  As the regulator of state-chartered financial institutions, I have seen firsthand how post-crisis regulations, by imposing a one size fits all approach, has restricted these financial institutions from providing services and products to their local customers with no apparent safety and soundness benefit. I applaud Senator Perdue and Congress for enacting this bipartisan legislation to remove these extraneous burdens and let these institutions get back to banking their communities.” – Kevin Hagler, Commissioner, Georgia Department of Banking and Finance

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Senator Perdue is the only Fortune 500 CEO in Congress and is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Agriculture Committees.