Midlands Voices: Bill would give smaller banks regulatory relief
March 8, 2018
In Nebraska, credit unions and other community financial institutions help our communities to thrive and our small businesses to grow.
The backbone of Main Street is the collection of small businesses that serve our local communities. It’s no surprise that their primary lenders are credit unions and small banks. And those same credit unions and small banks are who members of the community turn to when they need mortgages and auto loans.
But these local financial institutions are facing challenges brought on by Washington bureaucrats. Since the financial crisis in 2008, there have been more than 235 rulemakings from 23 different agencies, including the Consumer Financial Protection Agency. The burden that regulations place on community financial institutions has a financial impact as well as an impact on the services they are able to provide. According to the Credit Union National Association, the financial impact of regulation on Nebraska’s 61 credit unions alone is more than $35 million annually.