America's banks help their customers reach their financial goals every day — whether that's buying a home, expanding a small business or saving for retirement — but they want to do even more to open doors of opportunity and lift the U.S. economy.
The problem? Layers of duplicative and ill-fitting financial rules are keeping creditworthy customers from getting loans they need.
The solution? Targeted, commonsense changes can allow banks to better serve their communities and grow the economy and jobs — without compromising the important gains we've made.
The good news? The House and Senate have each approved several regulatory reform provisions, putting enactment of a meaningful bill within reach. In fact, the Senate passed a strongly bipartisan bill – S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act – that includes a number of provisions previously adopted by the House and is a solid step towards right-sizing regulations.
We urge Congress to push sensible reform across the finish line and unleash America's potential.
And we thank this bipartisan group of senators for putting people ahead of politics and voting YES on S. 2155.
Since the passage of the Dodd-Frank Act in July 2010, as of January 2018
By a nearly 3-1 margin, adults say policymakers have made it too difficult for banks to lend money to start a business
By a greater than 2-1 margin, adults say policymakers have made it too difficult for banks to lend money to buy a home
By a nearly 2-1 margin, adults say policymakers have made it too difficult to get a loan in general
Source: Morning Consult survey on behalf of ABA, June 2017
I think [S. 2155] gives us the tools we need to continue to protect financial stability."
Federal Reserve Board Chairman Jerome Powell, March 1, 2018
The Economic Growth, Regulatory Relief, and Consumer Protection Act is a jobs bill, and it is a much needed solution for the folks who power our local economies."
Sen. Jon Tester (D-MT), March 2018
This proposal makes targeted, commonsense fixes that will provide tangible relief to the community banks that are lifelines for smaller and rural communities. It also strengthens protections for veterans, the elderly and other consumers, and encourages community-based lending to boost economic growth and create jobs."
Sen. Mark Warner (D-VA), October 2017
Without jeopardizing the economy, without jeopardizing the security and soundness of the financial web we have in this country, we're going to get relief to Main Street bankers so they can get back into the business of relationship banking."
Sen. Heidi Heitkamp (D-ND), March 2018
Our bill offers much-needed reforms that will reduce unnecessary burdens on smaller financial institutions so that they can use more of their capital serving customers, rather than complying with federal regulations that were never intended for them."
Senate Banking Committee Chairman Mike Crapo (R-ID), March 2018
[S]mall banks are clearly suffering, and that hurts the local communities they serve. Common sense adjustments to regulations that have unintentionally done harm should not be out of the reach of Congress."
The Detroit News – editorial, March 7, 2018
This banking package is reasonable, balanced, and the result of thoughtful negotiation and compromise…. And it's an example of what we can achieve when we work together to break the gridlock in Washington."
Sen. Joe Donnelly (D-IN), March 8, 2018
Community banks face substantial regulatory burdens.... It's very appropriate for the Fed and other bank regulators to look at ways to reduce the compliance burdens they face."
Federal Reserve Board Chair Janet Yellen, November 2017
The [bill] is a good starting point for preserving what has worked well in Dodd-Frank and building on the landmark financial reform law in areas where it has not worked well."
Bipartisan Policy Center, March 2018