“As I’ve said in the past, the financial regulatory pendulum has swung too far.  Rules and regulations are driving financial institutions to merge, exit entire lines of business, discontinue services to their customers or, in some cases, permanently close their doors. We see it every day and hear about it not just from institutions but also the small businesses throughout our communities who depend on these services to make payroll or reinvest in their companies and create new jobs. It’s possible to have a regulatory regime that protects the American people without needlessly limiting consumer choice. The bills discussed in today’s subcommittee hearing will help foster a more reasonable regulatory environment that frees lenders and sellers to do what they do best: offer financial products and services to their customers and grow their communities.”

During the hearing the subcommittee reviewed the following regulatory reform legislation:

H.R. 1264, the "Community Financial Institution Exemption Act"

H.R. 2683, the "Protecting Veterans Credit Act of 2017"

H.R. 4648, the "Home Mortgage Reporting Relief Act of 2017"

H.R. 4725, the "Community Bank Reporting Relief Act"

H.R. ____, a bill to amend the Truth in Lending Act to clarify the exclusion for sellerfinancers from the definition of mortgage originator, and for other purposes.

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