Indianapolis, Ind. – U.S. Senator Joe Donnelly and representatives from the U.S. Chamber of Commerce, the Indy Chamber, the Indiana Bankers Association, and the Indiana Credit Union League discussed the bipartisan regulatory relief package that Donnelly negotiated, co-wrote, and helped pass the U.S. Senate last month.
The package, the Economic Growth, Regulatory Relief, and Consumer Protection Act, would reduce regulatory burdens on main street community banks and credit unions — including the 103 community banks and 154 credit unions in Indiana — and provide new protections to consumers, including servicemembers, veterans, and those impacted by the Equifax cyber breach.
Donnelly said, “This bill would make it easier for community banks and credit unions across Indiana to help Hoosiers grow their small business or get a mortgage to buy a home. Importantly, it is a prime example of what can be achieved when we work together – in this case over several years – to break through the gridlock. The President has said he will sign it into law and I am hopeful the House will take up this commonsense bill so it can be enacted.”
Michael Huber, Indy Chamber President and CEO, said, “Nearly 80% of Indy Chamber members are small businesses, and common sense legislation that results in both expanded access to capital and better opportunities for Indy’s regional workforce to consider home ownership is something we can very much support. Senator Donnelly has been an impactful partner in our efforts to expand access to capital for small business through our microlending program, and this regulatory relief package goes one step further to ensure that when a small business is ready for a banking relationship, community financial institutions are ready as well.”
Amber Van Til, President and CEO of the Indiana Bankers Association, said, “The Indiana banking community is heartened by the Senate’s passage of S. 2155 – the Economic Growth, Regulatory Relief, and Consumer Protection Act – and we appreciate the efforts of Sen. Joe Donnelly in championing this bipartisan bill. We now urge the House to quickly bring this important legislation to vote and to pass it. The sooner S. 2155 becomes law, the sooner Americans can reap the benefits of a stronger economy, with better access to financial services, while retaining consumer protections. The Indiana Bankers Association stands in full support of S. 2155 to steer our communities to economic growth and prosperity.”
John McKenzie, President of the Indiana Credit Union League, said, “This legislation is common sense regulatory relief that will benefit Indiana’s credit unions and their 2.4 million members. We appreciate Senator Donnelly’s leadership and solutions-focused approach in co-writing and securing bipartisan support for the legislation. As member-owned not-for-profit financial cooperatives, credit unions are especially pleased that it contains reductions in unnecessary regulatory burdens and the associated costs, will provide increased flexibility for lending to local businesses, and also includes consumer protections. The consumers and local businesses served by credit unions will be the ultimate beneficiaries of this legislation.”
Lucas White, President of The Fountain Trust Company, said, “Senate bill 2155 will allow Indiana banks to spend more time making loans and working with customers and less time filling out reports for the government. It was nice to see the Senate work together in a bipartisan manner and overwhelmingly pass a bill that will help Indiana community banks and their customers. Bipartisanship is rare in Washington D.C. today and I appreciate Senator Donnelly’s leadership and willingness to reach across the aisle to negotiate a bill that is acceptable to both Democrats and Republicans for the good of the country.”
Karla Salisbury, KEMBA Credit Union President/CEO, and Chairman of the Indiana Credit Union League Board, said, “We are very appreciative of Senator Donnelly’s leadership on this legislation. It will benefit consumers and business owners who belong to credit unions by eliminating some unnecessary regulations and constraints related to the services those members need. The members will be the ultimate beneficiaries of lower costs for credit unions to comply with regulatory requirements because counterproductive regulations would be reduced through this legislation.”
This bipartisan regulatory relief package, supported by President Trump, is currently awaiting passage in the U.S. House of Representatives. It is carefully written to provide needed regulatory relief to Main Street community banks and credit unions, which have been inadvertently burdened by rules and regulations intended to hold Wall Street accountable. Over the last decade Indiana has lost 35 percent of its community banks, and Donnelly has heard repeatedly from community banks and credit unions across Indiana about the need for relief. This package would promote economic growth by making commonsense reforms to increase mortgage and small business lending, while protecting consumers and maintaining the safety of our financial system.