Young: Banking Reform Bill Helps Indiana Small Businesses and Community Lenders

Press Release

U.S. Senator Todd Young (R-Ind.) is keeping his promise to roll back harmful Dodd-Frank financial regulations by supporting the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act, S.2155, which is being debated on the Senate floor this week.

Small businesses employ nearly one-half of the private workforce in Indiana. While small businesses rely on credit unions and community banks in order to expand and hire more workers, many credit unions and community banks have struggled to stay in business amid the high costs of complying with Dodd-Frank regulations. The Economic Growth, Regulatory Relief, and Consumer Protection Act reforms regulations that harm creditworthy businesses and individuals by subjecting small lenders to the same regulatory and compliance demands as big Wall Street banks. It also includes important consumer protections for veterans, senior citizens, victims of fraud and people who fall on tough financial times.

"When the burdensome Dodd-Frank Act was enacted during the Obama administration, it was Indiana small businesses, community banks, credit unions, and the people who rely on them that suffered. I have long advocated for rolling back these harmful regulations, and the reforms in this bipartisan bill will provide needed regulatory relief, while maintaining important consumer protections," said Senator Todd Young.

Indiana community lenders, small banks, and credit unions have been outspoken on the need to modernize regulations in a way that makes sense for small financial institutions, benefitting consumers and encouraging economic growth.

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