For Immediate Release
December 5, 2017
​ABA Media Contact: Jeff Sigmund
(202) 663-5439
Email: jsigmund@aba.com
Follow us on Twitter: @ABABankers

ABA Applauds Bipartisan Senate Banking Committee Vote on Financial Regulatory Reform Bill

By Rob Nichols, ABA president and CEO

​“Today’s bipartisan vote in the Senate Banking Committee for financial regulatory reform legislation shows what can happen when lawmakers on both sides of the aisle work together for the good of the American people. This bill includes commonsense changes to the nation’s financial rules that will allow banks to better serve their customers and communities. It will open doors of opportunity for more creditworthy borrowers and businesses, and it will contribute to economic growth and job creation.

“The legislation includes several provisions ABA has long advocated, including mortgage rule changes that will allow more creditworthy Americans the opportunity to buy a home, longer examination cycles for community banks, charter flexibility for federal savings associations and stress test relief. While we believe there is more that Congress can do to improve financial rules for the benefit of the American people – like moving away from arbitrary asset thresholds to more tailored regulation – we support this legislation as an important step in the right direction.
 
“We want to thank Chairman Crapo and Senators Tester, Heitkamp, Donnelly, Warner and the co-sponsors of this bill for their leadership and willingness to advance the first significant regulatory reform legislation in the Senate since Dodd-Frank. They have demonstrated how Congress can function. Given today’s bipartisan vote, we urge the Senate leadership to bring this bill to the floor as soon as possible.” 
 
The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, midsize, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.
 
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