President Donald J. Trump Supports Regulatory Reforms For Community Banks, Credit Unions, and Consumers
May 24, 2018
REDUCING UNNECESSARY REGULATORY BURDENS: President Donald J. Trump supports legislation to streamline and appropriately tailor our Nation's financial regulations.
- President Trump supports the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), which will make financial regulations more efficient, effective, and appropriately tailored.
- S. 2155 passed both the House and Senate with strong, bipartisan votes.
- S. 2155 provides commonsense regulatory relief for community banks, mid-sized banks, regional banks, and credit unions.
- The legislation will better tailor regulations to the risks posed by these institutions, improving the safety and soundness of the regulatory system.
- S. 2155 removes certain regulations that impede the ability of these institutions to serve the financial needs of consumers.
- S. 2155 addresses unnecessary regulatory burdens imposed by the Dodd-Frank Act.
- Small community banks have been unfairly and disproportionately harmed by Dodd-Frank, compared to big banks, which can use their substantial resources to navigate Dodd-Frank's costly and complex regulations.
- As a result, the number of community banks in the United States has decreased by 2,000 since 2010, according to statistics from the Federal Deposit Insurance Corporation.
- S. 2155 will help ensure the viability of community banks by minimizing the competitive advantage Dodd-Frank regulations have conferred on big banks.
- S. 2155 preserves the necessary authorities for our financial regulators to ensure the safety and soundness of our financial system.
- This legislation streamlines and eliminates excessive regulation, but does not eliminate the ability of financial regulators to address reckless or unsafe banking practices.
PROMOTING ECONOMIC GROWTH: Providing community lenders with relief from unnecessary regulatory burdens will help promote even greater economic growth.
- The reforms included in S. 2155 will foster economic growth by expanding sound lending.
- Freed of unnecessary regulatory costs, community banks and credit unions will be able to direct more lending to small businesses and consumers, especially those in rural areas and small towns.
- Community banks and credit unions provide essential lending to local businesses, which often have few other available sources of credit.
BENEFITING CONSUMERS: President Trump supports legislation to provide consumers with more tools to protect their privacy.
- S. 2155 will help protect consumers' private information by giving them the ability to place security freezes on their credit files with credit bureaus.
- As a result, consumers will be better equipped to protect their credit information in the event of a data breach or incident of identity theft.
Donald J. Trump, President Donald J. Trump Supports Regulatory Reforms For Community Banks, Credit Unions, and Consumers Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/335934