Congressman Frank Lucas has thrown his support behind a measure that provides relief to small banks and credit unions from Dodd-Frank regulations. The U.S. House passed the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155).
Lucas made a quick speech about how the financial deregulation will help small financial institutions and their communities.
The bill modifies provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other laws governing regulation of the financial industry. The bill changes the regulatory framework for small financial institutions with assets under $10 billion (community banks) and for large banks with assets over $50 billion. The bill also makes changes to consumer mortgage and credit-reporting regulations and to the authorities of the agencies that regulate the financial industry.
You can watch the speech in the video below.
