Daines Votes to Repeal Crippling Dodd-Frank Regulations

Interview

U.S. Senator Steve Daines today voted to open debate on the Economic Growth, Regulatory Relief, and Consumer Protection Act, legislation that would work to repeal some of the crippling regulations placed on Montana's small rural community banks and credit unions under the Dodd--Frank Wall Street Reform and Consumer Protection Act.

"Dodd-Frank regulations are suffocating Montana's rural banks and credit unions and ultimately are hitting their customers the hardest," said Daines. "This bill takes a long overdue step in the right direction and begins to give local community banks and credit unions the relief they need to stay in business."

Since the passage of Dodd-Frank, the number of state chartered banks in Montana has fallen from 64 to 44 -- over a 31 percent decline -- largely due to consolidation as small community banks have not been able to keep pace with the demands of the Obama Administration's regulations. The number of federally insured credit unions in Montana has also fallen from 57 to 51 -- an over 10 percent decline.

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