Congresswoman Claudia Tenney Joins Small Business Administration to Hold Small Lender Roundtable to Highlight Her Bills Passed in The Dodd-Frank Reform Package

Press Release

Today, Congresswoman Claudia Tenney (NY-22), a member of the House Financial Services Committee, joined the Small Business Administration to host a small lender regulatory roundtable to highlight the important impact of the recently passed Economic Growth, Regulatory Relief, and Consumer Protection Act on community financial institutions, especially small banks and credit unions. At the roundtable, Rep. Tenney and the Small Business Administration met with representatives from local banks and credit unions from the 22nd District. Those in attendance were: NBT Bank, Key Bank, Mohawk Valley SBDC, Solvay Bank, Community Bank, M&T Bank, NY Bus. Development Corp., Berkshire Bank, AmeriCU, First Source Federal Credit Union, Adirondack Bank, and Adirondack Economic Development Corp.

"Community financial institutions are the lifeblood of rural economies throughout our nation and provide nearly half of the banking industry's small-business loans despite making up less than 20 percent of its assets. Dodd-Frank's one-size fits all regulatory structure put a target on the backs of community financial institutions, driving small banks to near extinction and making "big banks' even bigger. Our groundbreaking legislation will finally allow small institutions to lend to the community once again. During the roundtable, I heard firsthand about the need to realign regulatory standards by rolling back excessive regulations that have stifled community banks and credit unions. The Economic Growth, Regulatory Relief and Consumer Protection Act will ensure this is the case," said Congresswoman Claudia Tenney. "The two bipartisan bills I've introduced, the Small Bank Exam Cycle Improvement Act and the Community Institution Mortgage Relief Act, will ensure small institutions like Tioga National bank, the Bank of Utica, Adirondack Bank and many others can keep their doors open and compete on a level playing field."

The Economic Growth, Regulatory Relief and Consumer Protection Act included two of Rep. Tenney's bipartisan Dodd-Frank reform bills: The Small Bank Exam Cycle Improvement Act and the Community Institution Mortgage Relief Act. Rep. Tenney's legislation tailors regulatory standards for small community banks and credit unions, which were disproportionately hurt under Dodd-Frank. The President signed both of these important pieces of legislation into law.

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