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Fischer Supports Banking Reform Bill
USAgNet - 03/19/2018

U.S. Senator Deb Fischer (R-Neb.) voted in support of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The bill, which would provide important regulatory relief for smaller financial institutions, including community banks and credit unions in Nebraska, passed the Senate by a vote of 67 to 31. The bill also contains bipartisan provisions sponsored by Senator Fischer to relieve regulatory burdens on small public housing agencies.

"Across Nebraska, community banks and credit unions help support, strengthen, and grow our local communities. The bill passed today would provide significant relief to smaller lenders on America's main streets who did not cause the financial crisis, yet have been unfairly burdened by Dodd-Frank regulations that should have never applied to them in the first place. Moreover, the bill includes bipartisan provisions I introduced to ensure Small Public Housing agencies can focus on bettering the lives of residents, instead of on unnecessary reporting requirements," said Senator Fischer.

"S. 2155 is the first meaningful step toward Main Street and community bank regulatory relief. Sooner rather than later we need rightsized bank regulation and S. 2155 heads us in that direction. We thank Senator Fischer for her support of this important bill," said Kurt Yost, President and CEO of the Nebraska Independent Community Bankers.

"The passage of S. 2155 is a major step forward in moving away from a system that treats credit unions the same as the biggest banks and into a more tailored regulatory climate that gives credit unions ways to more efficiently serve their consumers and communities," said Scott Sullivan, President and CEO of the Nebraska Credit Union League.

Key provisions of the Economic Growth, Regulatory Relief and Consumer Protection Act include:

- Allowing banks with less than $5 billion in total assets to use short form call reports in the first and third quarters of the year. The quarterly call report community banks currently have to file is 80 pages of forms and 670 pages of instructions. Only a fraction of this information collected is actually useful to regulators.

- Increasing the appraisal requirement exemption for rural mortgage portfolio loans from $250,000 to $400,000. This provision addresses the fact that in rural markets it can be hard to find an appraiser, which slows down transactions and adds costs.

- Simplifying the inspection and compliance requirements facing public housing agencies with fewer than 550 units. The bill would limit Department of Housing and Urban Development inspections of housing and voucher units to once every three years, unless a small Public Housing Agency is classified as troubled. This provision is from Senator Fischer's bill with Senator Jon Tester (D-Mont.): Note: There are roughly 3,800 small and rural housing authorities in the U.S. and approximately 100 public housing agencies in Nebraska.


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