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Cornerstone Represented at Congressman Jeb Hensarling Reception
Wednesday, September 23, 2015 7:00 AM

CUs with Rep Hensarling
(Left to right) Rep. Bruce Poliquin, Rep. Mia Love, Cornerstone VP Advocacy Jim Phelps, Rep. Jeb Hensarling, Rep. Tom Emmer, and Rep. French Hill.

Congressman Jeb Hensarling (R-Dallas), chair of the U.S. House Financial Services Committee, held a special reception recently in Dallas for four freshmen on that committee: French Hill (AR-2), Tom Emmer (MN-6), Mia Love (UT-4), and Bruce Poliquin (ME-2).  Cornerstone was represented by President and CEO Dick Ensweiler and Senior Vice President of Advocacy Jim Phelps.

Chairman Hensarling spoke about the adverse impact of the Dodd-Frank Act on community-based financial institutions and said that on average we lose one community bank or credit union per day in the United States.

Rep. French Hill is a co-sponsor of the Community Financial Institutions Exemption Act (H.R. 3048), the bill filed by Congressman Roger Williams of Texas, which would exempt credit unions and community banks with less than $10 billion in assets from all CFPB rules and regulations going forward unless the CFPB makes an affirmative finding that the rules and regulations it is proposing needs to be imposed on small institutions.

Rep. Hill recently introduced The Homebuyer’s Assistance Act (H.R. 3192), which would provide a temporary safe harbor for lenders from integrated disclosure requirements for mortgage loan transactions under TILA/RESPA through Feb. 1, 2016.