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Senate Bill Would Give Community Banks a Say in Regulatory Process

first_img The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News Senate Bill Would Give Community Banks a Say in Regulatory Process Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: CFPB Community Banks Credit Unions Regulatory Relief Senator Angus King Senator Mike Rounds CFPB Community Banks Credit Unions Regulatory Relief Senator Angus King Senator Mike Rounds 2015-08-14 Brian Honea  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Subscribe About Author: Brian Honea U.S. Senators Mike Rounds (R-South Dakota) and Angus King (I-Maine) have introduced a bill that would give community banks, small businesses, and credit unions a say in the Consumer Financial Protection Bureau (CFPB)’s rulemaking process, according to an announcement from Rounds.S.1963, also known as the Bureau of Consumer Financial Protection Advisory Board Enforcement Act, would create a small business advisory board within the CFPB. It would also make permanent community bank and credit union panels within the CFPB.Under the new bill, each panel would be required to adequately represent members from rural and underserved areas, according to Rounds’ announcement.”As the CFPB continues to make decisions that affect every American, it is critical for rural areas, community banks, small businesses and credit unions to have a voice,” said Rounds, a member of the Senate Banking Committee. ‘This is particularly important in rural states like South Dakota. Our bill makes certain that voice will be heard.”The CFPB currently has four advisory boards for setting policy, only one of which, the Consumer Advisory Board, is required by Dodd-Frank. The new bill would create an additional advisory committee for small businesses  in addition to codifying two existing advisory boards, the Community Bank Advisory Board and the Credit Union Advisory Council.”Small businesses, community banks and credit unions are invaluable forces in America’s economy, and they deserve a seat at the table as the CFPB makes important and far-reaching financial decisions,” King said. “Rural communities in Maine, South Dakota, and all across the nation rely on these institutions to create jobs and grow the local economy. I’m proud to stand with Senator Rounds, my fellow former governor, on behalf of rural America.”According to Rounds, groups supporting the new bill include the Independent Community Bankers of America, the American Land Title Association, and the Credit Union National Association.The bill introduced by Rounds and King is one in a series of bills introduced this year in an attempt to gain regulatory relief for community banks and credit unions, many of which have said they have had difficulty operating due to the increasing cost of compliance with the new regulatory regime under Dodd-Frank. Many of those institutions have either gone bankrupt or merged with other institutions in the last five years.A similar bill, H.R. 1195, passed in the House  in April. In late July, the House Financial Services Committee approved a series of bills that would offer regulatory relief to community banks and smaller financial institutions.”After five long years of Dodd-Frank’s misguided regulatory assault on Main Street, I’m pleased the Financial Services Committee once again acted to provide regulatory relief for our community financial institutions and the hardworking Americans they serve. Washington’s one-size-fits-all rulemaking has shifted Dodd-Frank’s compliance costs down to many individuals and families—forcing them to absorb higher cost of credit while reducing their access to popular financial products,” said Rep. Randy Neugebauer (R-Texas). “This ‘new normal’ is unacceptable. As Chairman of the Financial Institutions and Consumer Credit Subcommittee, I will continue to work in a bipartisan manner and advocate for well-tailored consumer protection that does not infringe upon consumer choice, or the ability of the American people to achieve greater opportunity.”center_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Home / Daily Dose / Senate Bill Would Give Community Banks a Say in Regulatory Process Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Related Articles August 14, 2015 1,246 Views Sign up for DS News Daily The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Share Save Previous: Ocwen Enjoys Favorable Week With Wells Fargo Outcome Next: DS News Webcast: Monday 8/17/2015last_img read more


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This Awesome Mash Up Blends Vulfpeck And Chance The Rapper Together Perfectly

first_imgOver the weekend, a mash up of Vulfpeck‘s “Wait for the Moment” and Chance The Rapper‘s “Sunday Candy” appeared on the internet, and it’s awesome. Creator Nathaniel Hoopes (@NathanialPoopes on twitter) claims to have never mixed anything in his life, however, upon learning that the two songs had the same chord progression, became inspired to see if the two songs would fit together. Oh, do they fit together!Keep up the good work, Nathaniel! You can hear this excellent mash up for yourselves below.last_img