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Overwhelming Majority of U.S. House Calls on CFPB to Exempt Small Banks

An overwhelming majority of the United States House of Representatives (329 members) have called on the Consumer Financial Protection Bureau (CFPB) to exempt small community banks from CFPB rules. House members said in a letter to CFPB that the Bureau needs to routinely distinguish between community banks and the very large financial institutions/nonbank lenders, and account for the burden associated with compliance particularly for small institutions.

The letter notes that the Dodd-Frank Act specifically recognizes the need to tailor regulations to fit the diversity of the marketplace and gives the CFPB authority to adapt regulations by allowing it to exempt “any class” of entity from its rulemaking. The letter concluded by urging the Bureau to ensure that regulations do not have the unintended consequences of limiting services and increasing costs. Read House Letter.

CBAI thanks the following Illinois members of the U.S. House for signing the letter to the CFPB:

Mike Bost (R-12)
Cheri Bustos (D-17)
Rodney Davis (R-13)
Robert Dold (R-10)
Bill Foster (D-11) - Member of House Financial Services Committee
Randy Hultgren (R-14) - Member of House Financial Services Committee
Adam Kinzinger (R-16)
Robin Kelly (D-02)
Darin LaHood (R-18)
Daniel Lipinski (D-03)
Mike Quigley (D-05)
Peter Roskam (R-06)
Bobby Rush (D-01)
John Shimkus (R-15)

March 14, 2016