Senators McConnell and Paul Push Legislation to Help Rural Counties in Kentucky

Press Release

U.S. Senate Republican Leader Mitch McConnell and Senator Rand Paul introduced legislation today to help rural counties in Kentucky who are being hurt by the Obama Administration's policies, as established by the Consumer Financial Protection Bureau (CFPB), which restrict rural lending practices.

The HELP Rural Communities Act would give rural counties in Kentucky a voice when the CFPB has incorrectly labeled them as "non-rural"-just another example of this administration's one-size-fits-all, we-know-best approach to governing. Several counties in Kentucky, such as Bath County, have been labeled as "non-rural," and are therefore barred from certain rural lending practices that are helpful to farmers and small businesses.

"If you've ever been to these counties, as I have, you would most certainly disagree with the CFPB's ruling. But current law provides no opportunity to challenge the CFPB's decision. Our bill would allow counties that have been improperly designated as "non-rural" to petition the CFPB with additional local information to reconsider their status in order to ensure that rural communities, such as those in eastern Kentucky, have the access to credit they need to grow their economy," Senator McConnell said. "This is an important step in the effort to renew hope for the future in rural Kentucky and especially eastern Kentucky. Given the bipartisan interest shown in recent weeks to get government out of the way and let the people of the region work, Congress and the president should come together to pass this legislation on behalf of eastern Kentuckians and rural communities."

Senator Paul said, "This important legislation will provide an opportunity for rural communities across the country to challenge big government bureaucracies, such as the Consumer Financial Protection Bureau, from improperly designating them as "non-rural." Rural communities rely heavily on this designation, as it allows financial institutions to provide important financial products and credit to small businesses and farmers who depend on it in these areas. I will continue to work diligently with the Kentucky delegation to pass this legislation for the betterment of our rural areas."

Ballard Cassady, President and CEO of the Kentucky Bankers Association, praised Senators McConnell and Paul's efforts today. "This legislation would provide an opportunity for rural communities to provide input into federal , top-down decisions that they may not have access to, which would help in the determination of whether a county qualifies as rural or not. This legislation is crucial in helping rural communities to have access to the credit they need to survive. We commend Senators McConnell and Paul for standing tall for rural Kentuckians by representing their needs in Washington," Cassady said.

Representative Andy Barr introduced this legislation in July of 2013 in the House of Representatives.

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