03.20.18

WTAS: Georgia Banks & Industry Groups Applaud Dodd-Frank Rollback

WASHINGTON, D.C. – Community banks, regional banks, and industry groups are applauding the significant regulatory rollback the United States Senate passed last week. 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.

Community Bankers Association of Georgia: “On behalf of Georgia’s community banks, we appreciate Senator Perdue co-sponsoring S. 2155. Relief targeted at community banks like our members will deliver a substantial economic benefit for Main Street small businesses and local communities across our nation.” – Rob Braswell, President and CEO, Community Bankers Association of Georgia

Georgia Bankers Association: “As Georgians we applaud Sen. David Perdue for co-sponsoring and Sen. Johnny Isakson for supporting this important bipartisan community and regional bank regulatory relief bill. Simplifying an unnecessarily complex regulatory structure is a big benefit for main street business and consumers. The bill maintains a safe, sound and properly regulated banking system while helping deserving borrowers get access to credit. We hope a final bill will be negotiated soon.” – Joe Brannen, President and CEO, GBA

Fidelity Bank (Atlanta): “This helpful measure provides our banks with much more flexibility to put credit and banking services to work in our hometowns around the state.” –Palmer Proctor, President and CEO, Fidelity Bank, Atlanta, and Chairman of GBA

Carver State Bank (Savannah): “Despite our strong commitment to promoting access to capital among underserved groups, the implementation of the expanded HMDA and new Small Business Lending Disclosure requirements will have a major impact on our bank – even though institutions like ours were not the ones engaged in the kind of discriminatory lending practices that these new requirements are designed to prohibit. We believe that a narrow exemption like the one set forth in S. 2155 strikes the right balance between relief for our institution, while still imposing reporting requirements that can facilitate the kind of fair lending enforcement activity that we fully support to ensure that our communities’ credit needs are met.” – Robert James II, Senior Vice President, Carver State Bank

Citizens Trust Bank (Atlanta): “Citizens Trust Bank appreciates the bipartisan effort to craft this regulatory reform proposal.  We especially appreciate the support of Senator Perdue and the efforts he has undertaken to ensure that the needs of Georgia institutions like Citizens Trust Bank were taken into consideration during the crafting of this bill.  We very much look forward to continuing to work with him on other reforms that will benefit the communities we serve.” – Cynthia Day, President and CEO, Citizens Trust Bank

Georgia Chamber of Commerce: “Community and regional banks play an important role in economic development. By lending to local businesses, these banks provide capital that keep communities growing. Rolling back regulations that have made it harder for banks to do their business is an important part of helping communities of all sizes across Georgia.” – Chris Clark, President and CEO, Georgia Chamber of Commerce

Consumer Bankers Association: “We appreciate the Senate’s bipartisan effort to enact regulatory reform which helps banks better serve American consumers and small businesses. The agreement makes some meaningful regulatory changes, including providing the Federal Reserve flexibility to make a more complete assessment when designating certain institutions systematically important. This is a significant first step and we urge Congress to continue working toward policies which consider risk rather than arbitrary asset thresholds.” – Richard Hunt, President and CEO, CBA

Independent Community Bankers of America: “On behalf of the nearly 5,700 community banks represented by ICBA, I write to thank the 67 U.S. Senators who voted in favor of the motion to proceed to consideration of the Economic Growth, Regulatory Relief and Consumer Protection Act…This bill is a carefully balanced package of regulatory relief provisions. This relief is targeted at community banks and selected for its potential for creating maximum economic growth while safeguarding critical consumer protections and safety and soundness.” – Camden Fine, President and CEO, ICBA

Credit Union National Association: “On behalf of America's credit unions, I want to express our strong support for S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. The Credit Union National Association represents America’s credit unions and their 110 million members. We applaud the good faith effort to craft common-sense regulatory reform legislation. S.2155 is the result of months of deliberate bipartisan negotiations and contains several provisions supported by America’s credit unions.” – Jim Nussle, President and CEO, CUNA

Mortgage Bankers Association: "I want to commend Chairman Mike Crapo (R-Idaho) for reaching a bipartisan compromise on regulatory relief legislation designed to lessen some burdens on lenders, allowing them to better serve their customers and consumers. In particular, MBA is glad to see the inclusion of language amending the SAFE Act to provide increased job mobility for loan originators, as well as language to address concerns with PACE lending, HMDA, and the TILA/RESPA integrated disclosure. We look forward to continuing to work with the committee on other provisions in the bill, such as expanding the language regarding Qualified Mortgages held in portfolio." – David H. Stevens, President and CEO, MBA

American Bankers Association: “ABA is pleased that the committee has taken the input of a wide range of stakeholders in fashioning this bipartisan legislation. We strongly believe the bill’s many meaningful reforms will help financial institutions serve their customers and grow our economy.” – Rob Nichols, President and CEO, ABA

National Bankers Association: “On behalf of the National Bankers Association, I write to express our member banks’ support for S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act…We appreciate the opportunity to weigh in on this legislation as it will enhance the ability of our nation’s financial institutions to better serve their customers and communities.” – Preston Pinkett, Chairman, NBA

National Federation of Independent Business: “On behalf of the National Federation of Independent Business, the nation’s leading small business advocacy organization, I write in support of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. This legislation will provide regulatory relief to community banks and credit unions while helping to ensure readily available access to capital for small businesses.” – Juanita D. Duggan, President and CEO, NFIB

Financial Services Roundtable: “In crafting S. 2155, Chairman Crapo and a bipartisan group of key Senators have provided thoughtful leadership in an effort to modernize regulatory requirements so financial institutions can better serve clients, communities and the broader goal of job growth. This bipartisan legislation takes important steps to improve our nation’s financial regulatory system.” – Tim Pawlenty, CEO, FSR

U.S. Chamber of Commerce: “The U.S. Chamber of Commerce supports S. 2155, the ‘Economic Growth, Regulatory Relief, and Consumer Protection Act,’ which would provide long-overdue relief to Main Street businesses and consumers…The Chamber strongly supports tailored regulations – sophisticated rules that are properly calibrated to the risk profile of an activity or institution. S. 2155 is a first step in the right direction.” – Neal L. Bradley, Senior Vice President and Chief Policy Officer, U.S. Chamber of Commerce

National Association of Housing and Redevelopment Officials: “Thank you for your dedication to ensuring small housing agencies are not unfairly burdened by disproportionate rules and regulations that prevent them from effectively and efficiently serving their communities. The Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155) provides desperately- needed regulatory relief to small housing agencies across the country.” – Adrianne Todman, CEO, NAHRO 

National Association of Realtors: “REALTORS® believe that balanced financial regulation and appropriate consumer protection will result in a more vibrant housing market and overall economy. NAR urges Congress and the Administration to enact S. 2155 into law.” – Elizabeth Mendenhall, President, NAR 

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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.