Washington - Today, the House Committee on Financial Services approved two pieces of legislation introduced by Congressman Andy Barr. Both H.R. 2672, the Helping Expand Lending Practices and Rural Communities Act, or the HELP Rural Communities Act, and H.R. 4167, the Restoring Proven Financing for American Employers Act, included significant bipartisan input from Democratic members of the Committee, and would ensure that Washington bureaucrats don’t needlessly and arbitrarily restrict access to credit.
“I am glad that the House Financial Services Committee is embracing with bipartisan support the pragmatic solutions I have put forth to help families and businesses access affordable credit,” said Congressman Andy Barr (R-KY). “I look forward to continuing to advance these important pieces of legislation so we can break the stranglehold Washington bureaucrats and their mounting regulations have on American consumers and job-creators, get people back to work and spur economic recovery.”
Congressman Barr continued, “Congressman Ruben Hinojosa and Congresswoman Carolyn B. Maloney were instrumental in amending these pieces of legislation to address concerns and gain strong bipartisan support. I appreciate their input and am glad that we can work together to advance these commonsense solutions.”
"The original rule by the CFPB would exclude the largest county in my district in Deep South Texas," said Congressman Ruben Hinojosa (D-TX). “This area includes some urban areas, but much of it is also rural. It is home to the most colonias in the nation, which are communities that are rural by definition, and which often lack basic infrastructure such as indoor plumbing and electricity. We need to ensure that community banks and credit unions are not prevented from investing in rural communities. I thank Congressman Barr for his work on this bill, and for including the changes that I proposed."
“I was pleased to worth with Congressman Barr to achieve a finished product that won the support of Democrats and Republicans,” said Congresswoman Carolyn B. Maloney (D-NY). “This legislation will provide a necessary clarification of the Volcker Rule while maintaining the original legislative intent.”
Background on H.R. 2672: Passed Committee by a vote of 55-1
H.R. 2672, the Helping Expand Lending Practices and Rural Communities Act, or the HELP Rural Communities Act, would ensure that access to credit in rural America isn’t unnecessarily restricted because of a flawed one-size-fits-all formula from Washington.
The idea for this legislation stemmed from a hearing last May where Congressman Barr learned that Washington-based bureaucrats at the Consumer Financial Protection Bureau (CFPB) shockingly and incorrectly claimed that Bath County, Kentucky should be considered “non-rural” for purposes of its lending rules.
H.R. 2672 is supported by:
• The Conference of State Bank Supervisors
• The Credit Union National Association
• The National Association of Federal Credit Unions
• The American Bankers Association
• The Independent Community Bankers of America
• The National Association of Realtors
• CSBS Chairman & Kentucky Department of Financial Institutions Commissioner Charles Vice
Background on H.R. 4167: Passed Committee by a vote of 53-3
H.R. 4167, the Restoring Proven Financing for American Employers Act, would ensure that U.S. employers are able to obtain affordable financing to expand their businesses and create jobs for Kentuckians.