U.S. Rep. Randy Hultgren (R-Dist. 14) said on Thursday that he has co-sponsored three House bills to help blunt federal regulations and provide relief to community banks in Illinois and across the nation.
“As the Dodd-Frank Act continues to be implemented, I am hearing more and more about the unnecessary regulatory burden that is being piled upon our community banks,” Hultgren said. “I am proud to work with my colleagues on the House Financial Services Committee to advance these important pieces of legislation, which allow banks in Illinois to better focus on serving their customers and strengthening our communities.”
Specifically, Hultgren co-sponsored the Financial Institution Customer Protection Act of 2015, the Financial Institutions Examination Fairness and Reform Act, and the Small Bank Exam Cycle Reform Act.
The Financial Institution Customer Protection Act would help end an overreaching program by the administration known as “Operation Choke Point," which pressures banks not to do business with legally operating gun dealers, payday lenders and other entities of which the administration disapproves.
The Financial Institutions Examination Fairness and Reform Act would put in place stricter guidelines for how regulators should work with banks and credit unions during examinations.
The Small Bank Exam Cycle Reform Act provides regulatory relief for hundreds of community banks if they are at no risk of failure.
All three bills received bipartisan support in the House Financial Services Committee.
Hultgren was born and raised in Illinois and has spent more than 15 years serving the state and its citizens at multiple levels of government, Hultgren's 14th District consists of seven suburban counties: McHenry, Lake, Kendall, Kane, DuPage, DeKalb and Will.