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HR 3048 Adds Co-Sponsors, Receives Coverage in American Banker News
Thursday, July 23, 2015 7:00 AM

Congressmen Tom Cole of Oklahoma and Andy Barr of Kentucky have added their names as co-sponsors of the Community Financial Institution Exemption Act that was filed July 14. They join Congressmen Kenny Marchant of Texas, French Hill of Arkansas, and Frank Lucas of Oklahoma.

This bill exempts credit unions and community banks with less than $10 billion in total assets from the rules and regulations of the Consumer Financial Protection Bureau going forward, unless the CFPB can show that these financial institutions have engaged in practices that harm consumers. 

The author of HR 3048, Congressman Roger Williams of Texas, co-wrote an article with Financial Institutions Subcommittee Chairman Randy Neugebauer, published in the American Banker newspaper on Wednesday, July 22, about their legislative efforts to protect consumers with increased accountability and transparency at the CFPB.

Cole also penned an article that appeared in yesterday's Oklahoma Journal Record about the regulatory burdens suffered by community institutions due to the endless array of regulations by the CFPB crushing community FIs and reducing the availability of financial services to small business and consumers as a result.

Neugebauer introduced the Financial Product Safety Commission Act of 2015, which would change the CFPB’s structure from a single director to a bipartisan, five-person commission appointed by the President. Neugebauer believes the commission structure provides checks and balances currently missing and protects the agency from partisanship due to presidential elections. 

The Dodd-Frank Wall Street Reform and Consumer Protection Act was passed five years ago with the intention of protecting consumers and ensuring financial stability in the economic system. The result has created regulatory burdens that threaten the very institutions the law was designed to protect.

Williams, Neugebauer, Hill, Lucas, and Barr are members of the House Financial Services Committee. Marchant serves on the House Ways and Means Committee, and Cole is on the House Appropriations and Budget Committees.

Contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or for more information.