Regulatory reform bills are being passed and are continuing to move through the 114th Congress. You all know it’s been a long road since the financial crises. The message of community bankers has been consistent, persistent and loud, because of this we have momentum. This month I want to provide you with an update of what your association has been working on with your 3 legislators in Washington D.C.
The Community Lending Enhancement and Regulatory Relief Act of 2015 (H.R 1233) has been introduced in the House by Rep. Blaine Luetkemeyer (R-Missouri) and its Senate counterpart (S. 812) has been introduced by Sens. Jerry Moran (R-Kansas) and John Tester (D-Montana). This important legislation advances priority regulatory relief provisions of the ICBSD Endorsed Plan for Prosperity. Representative Noem and Senators Thune and Rounds have all signed on as co-sponsors for this act.
The Community Bank Access to Capital Act of 2015 (H.R. 1523), introduced by Rep. Scott Garrett (R-N.J.), will enhance community banks' viability and independence by creating new capital options for community banks and help them continue to serve their customers and communities.
Now is the time to urge Representative Noem to sign on to the bill and co-sponsor H.R 1523 to support fair access to capital for community banks to better serve their communities. You can view the letter sent by the ICBSD as an example to send to Representative Noem on our website http://www.icbsd.com/advocacy.
The Data Security Act of 2015 (H.R. 2205) has been introduced in the House by Reps. Randy Neugebauer (R-TX) and John Carney (D-DE) and in the Senate (S. 961) by Sens. Tom Carper (D-DE) and Roy Blunt (R-MO). This important legislation will ensure that all entities that handle consumers’ sensitive financial data, including retailers, have in place a robust process to protect data, which can help prevent breaches from happening in the first place. The legislation would also replace the current patchwork of state and federal regulations for data breaches with a national law that provides uniform protections across the country.
Now is the time to urge Representative Noem and Senator’s Thune and Rounds to sign on to the bills and co-sponsor H.R 2205 and S. 961. You can view the letter sent by the ICBSD as an example letter to send to Representative Noem on our website http://www.icbsd.com/advocacy.
Here are just a few that have passed out of the House of Representatives on a bipartisan basis.
HR 685 - MORTGAGE CHOICE ACT OF 2015 – Passed 286- 140
HR 650 - PRESERVING ACCESS TO MANUFACTURED HOUSING ACT – Passed 263-162
HR 1265 - BUREAU ADVISORY COMMISSION TRANSPARENCY ACT – Passed 401-1
HR 1259 - HELPING EXPAND LENDING PRACTICES IN RURAL COMMUNITIES ACT
* Information provided by the Congressional Research Service
McCurry, a native of MN and resident of Mitchell, SD, holds a Bachelor of Arts degree in Communications / Marketing from the Minnesota State University, Mankato. Prior to joining the ICBSD as President and CEO, he directed the marketing, sales and government relations efforts at Santel