Rounds Statement on Senate Passage of Bill to Provide Regulatory Relief and Consumer Protection

WASHINGTON—U.S. Sen. Mike Rounds (R-S.D.), a member of the Senate Banking Committee, today issued the following statement on the Senate passage of S. 2155, The Economic Growth, Regulatory Relief and Consumer Protection Act. Rounds, an original sponsor of S. 2155, led seven different provisions included in the final legislation.

“The first major overhaul of our financial system since Dodd-Frank, the Economic Growth, Regulatory Relief and Consumer Protection Act begins to undo unnecessary regulatory burdens placed on our banks and credit unions,” said Rounds. “It will strengthen our financial system and allow smaller and midsized banks to focus on serving their communities, not complying with layers of bureaucratic demands. Making sure families and businesses have access to credit when they need it is critical as we work to grow a healthy American economy. Every step we can take to provide relief to our lenders is a win for families and businesses who rely on them to finance their businesses, buy a home or save for college.”

S. 2155 is supported by the Independent Community Bankers of South Dakota (ICBSD) and the South Dakota Bankers Association (SDBA):

“We are very grateful for Senator Rounds as he continually works to champion issues most important to community banks in South Dakota. Regulatory relief is a great step in ensuring independent banks are able to continue do what they do best, support main streets all over America!” – Megan Olson, President and CEO, ICBSD

“South Dakota’s bankers applaud the efforts of Chairman Crapo, Senator Rounds and their colleagues on both sides of the aisle for working together to develop and pass sensible legislation that will improve the regulatory framework for main street banks.  Bankers strive every day to meet the needs of their customers and grow their local economy.  S.2155 will help them do just that.”- Curt Everson, President, SDBA

Rounds’ Provisions Included in S. 2155:

• The Home Mortgage Disclosure Adjustment Act, which provides small banks and credit unions with data reporting relief;
• Relief from Dodd-Frank capital rules that allows banks to count high-quality municipal bonds toward capital requirements, providing help to both banks and local governments that issue debt;
• Relief from the enhanced supplemental leverage ratio (eSLR) for custody banks that service organizations like mutual funds and state and local pension plans;
• Streamlining federal rules to help small, local federal savings associations (FSAs), or thrifts, expand their ability to offer loans to more families and businesses without going through a costly charter conversion process;
• Provisions in the Community Bank Access to Capital Act that would:
  • Free small banks from having to complete arduous and expensive tests mandated by Dodd-Frank;
  • Make it easier for banks with less than $3 billion in assets to raise capital and grow;
• The Protecting Veterans Credit Act, which protects the credit of veterans who are awaiting delayed payments from the VA Choice program; and
• Rural appraisal relief for cases when borrowers apply for a loan less than $400,000 and have trouble finding a qualified appraiser. 

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