Cramer: House Stands Up for Small Business Owners Credit Unions and Community Banks

Press Release

Today, Congressman Kevin Cramer joined a majority of the U.S. House of Representatives to pass H.R. 1195, the Bureau of Consumer Financial Protection Advisory Boards Act by a vote of 235 - 183. This legislation builds upon efforts by Congressman Cramer to fix problems in the financial services industry caused by the Dodd-Frank Act. H.R. 1195 will create a permanent and active small business committee to advise and consult with the Consumer Financial Protection Bureau (CFPB) throughout their ongoing efforts in the financial industry. In addition, the legislation makes permanent two existing CFPB advisory Boards set to expire. These boards represented credit unions and local community banks.

"The good intentions of Dodd-Frank created a regulatory nightmare for small businesses, credit unions and local community banks. These advisory boards will allow their voices to be heard at the CFPB as new regulations and rules are developed," said Cramer.

The bill also returns fiscal sanity to the CFPB by reducing the total cap on operating funds they can draw from the Federal Reserve to no more than $655 million in 2020 and $720 million in 2025. Currently the CFPB cannot spend more than 12 percent of the total operating expenses of the Federal Reserve System. This new limit ensures the costs of these advisory boards won't grow government spending.

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