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Mississippi Families, Businesses Would Benefit as Regulatory Burdens Ease for Community Banks & Credit Unions
WASHINGTON, D.C. – U.S. Senator Thad Cochran (R-Miss.) voted for legislation to strengthen the economy by unravelling many of the Obama-era regulatory burdens placed on community banks and credit unions.
Cochran voted for the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Bill (S.2155), which was written to free smaller financial institutions from many of the thousands of pages of rules imposed after the enactment of the so-called Dodd-Frank law in 2010. The Senate approved S.2155 by a 67-31 vote.
“Mississippi will benefit from this bill as all banks and credit unions in our state will now have greater ability to extend credit and loans to families and small businesses,” Cochran said.
“Overreaching Dodd-Frank banking and credit regulations have hindered job creation, strained small business operations, and restricted private sector investment. We are past due returning to common sense regulation of small financial institutions,” he said.
Cochran opposed the Dodd-Frank legislation when it was pushed through a Democratic-controlled Congress in 2010. At the time, Cochran criticized Dodd-Frank for going “well beyond the reforms needed to end the reckless financial actions taken on Wall Street.”
Endorsed by the Mississippi Bankers Association, S.2155 would rein in the increasing regulatory demands placed on community banks and credit unions after Dodd-Frank became law. The Senate-passed measure would help free resources for smaller financial institutions to apply toward credit, loans, mortgages, and other products and services for families and consumers.