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Mar 16, 2018
Press Release

Date: March 15, 2018



WASHINGTON, D.C. – Congressman Kevin Cramer supported legislation passed today in the House of Representatives to relieve community banks and credit unions from overbearing regulations.

“This legislation continues the House’s commitment to reduce and repeal unneeded government regulation caused by Dodd-Frank and the Obama Administration,” said Cramer. “Overregulation has hurt North Dakota’s financial institutions, meaning less access to credit for farmers, fewer banking services in small towns, and increased consolidation. By bringing substantial reforms to community banks and credit unions, businesses and job creation will benefit immensely.”

The House has passed more than 40 financial deregulatory bills during the 115th Congress, including the Financial CHOICE Act (H.R. 10).

Summary of the legislation

  • H.R. 1116, the Taking Account of Institutions with Low Operation Risk (TAILOR) Act of 2017, ensures the same regulations for big banks aren’t applied to small institutions. The TAILOR Act aims to modify obligations for community banks and credit unions who are unable to absorb the same costs as large financial institutions.
  • H.R. 4545, the Financial Institutions Examination Fairness and Reform Act, corrects the regulatory determinations appeals process to ensure financial institutions receive examination reports in a timely manner. In addition, this bill gives institutions the right to have relevant materials reviewed by an independent Examination Review Director.   
  • H.R. 4263, the Regulation A+ Improvement Act of 2017, increases flexibility for small companies by allowing them to raise higher capital from $50 million to $75 million. In return, this bill will allow businesses to offer shares to their customers and make investments to the local economy.