Today, U.S. Rep. Blaine Luetkemeyer (MO-03) issued the following statement upon conclusion of the Financial Institutions and Consumer Credit Subcommittee hearing entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions.”

“Our nation’s community financial institutions are getting buried under red tape,” Luetkemeyer said. “Even today, a lender who serves many Missourians living in my congressional district, who testified before the Subcommittee reiterated that his credit union is constantly stifled due to high costs and regulations from the government. The bills that were discussed today are all designed to take the first steps in relieving pressure on our nation’s community financial institutions and preserving choice and financial independence for all consumers. I want to thank all of the witnesses that testified before the subcommittee for their willingness to be here today.” 

One of the pieces of legislation that was discussed was Luetkemeyer’s Community Lending Enhancement and Regulatory Relief (CLEARR) Act. Included in the legislation are provisions to provide relief from costly escrow requirements, increase regulatory due process for financial institutions, limit the authorities of the Consumer Financial Protection Bureau, end Operation Choke Point, and increase consumer access to mortgages and other banking products.