Regulatory relief needed for local credit unions and banks
Feb. 16, 2018
Small businesses are the backbone of Indiana’s economy. They propel economic growth and create good, middle-class jobs. And they depend on local banks and credit unions for loans that enable them to expand and hire.
This virtuous cycle of lending and job creation is under attack by regulators in Washington. In the aftermath of the financial crisis, federal officials imposed new restrictions on lending targeted at big Wall Street firms. But Main Street credit unions and community banks have been caught in the regulatory crossfire.
Fortunately, Indiana’s own Sen. Joe Donnelly recently helped craft a bill that would provide significant regulatory relief for local credit unions and banks. If it becomes law, it could lower the cost of borrowing for thousands of Indiana businesses.