Cramer: House Vote Delivers Regulatory Relief to Small Banks and Credit Unions

Statement

Congressman Kevin Cramer released the following statement after the House of Representatives passed H.R. 4607, the Comprehensive Regulatory Review Act today:

"Small banks and credit unions imperative to North Dakota's economy cannot comply with overbearing Dodd-Frank rules. Burdened with outdated Washington-mandated regulations, they have less time to serve their community and customers. The House passed the Comprehensive Regulatory Review Act today to require the Federal Financial Institutions Council, and other relevant agencies, to critically review and tailor rules and regulations they find to be outdated, duplicative, unnecessary, or overly burdensome, once every seven years. Notably, this legislation includes the Consumer Financial Protection Bureau and National Credit Union Administration to meet these requirements as they were formerly not directed to do so. Legislation such as H.R. 4607 paves the way for common sense regulatory review."

The House has passed 35 financial deregulatory bills in the 115th Congress.

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