House Financial Services Committee Chairman French Hill (R-Ark.) told community bankers at the ICBA Capital Summit that he considers his panel the “access-to-capital committee.”
Tailoring Regulations: During a fireside chat with ICBA President and CEO Rebeca Romero Rainey ahead of community banker meetings with congressional offices, Hill said his committee is focused on tailoring regulations and lowering the cost of compliance to facilitate lending and local economic growth.
Targeting 1071: Citing the regulatory burden of the Consumer Financial Protection Bureau’s 1071 small-business data collection and reporting rule, Hill noted his ICBA-advocated Small LENDER Act (H.R. 941) would mitigate the impact of the rule by exempting more community banks and small businesses.
Seeking 1071 Re-proposal: “We’ve asked the Trump administration to withdraw this rule and re-propose it” to make 1071 reporting voluntary for small businesses, Hill said, noting the administration has been cooperative in working to address the CFPB rule, which is on hold amid a bureau review.
ICBA View: ICBA has worked closely with Chairman Hill on addressing regulatory burdens, with Romero Rainey testifying earlier this year at the committee’s first hearing of the 119th Congress on “Making Community Banking Great Again.”
Up Next: The ICBA Capital Summit continues today. Community bankers can follow the latest updates at #ICBASummit on social media.
