A recent bill designed to make it easier to obtain loans from small banks has passed the House of Representatives.
Rep. Mia Love (R-UT) said the Small Bank Holding Company Relief Act eases over-regulation on small banks and savings and loans, helping the institutions raise capital so they can make loans in their community.
Love said the measure would be of benefit to families, small businesses, start-ups and family farms.
“Smaller banks are the lifeblood of many communities in Utah,” Love said. “They support the credit needs of low and middle-income families as well as the small businesses, farmers, and entrepreneurs that create jobs.
Sometimes these small banks are the only lending source for many hard working and ambitious people.”
The Independent Community Bankers of America (ICBA) has extended backing of the measure.
“ICBA strongly supports this legislation to promote additional lending on Main Street by improving community bank and thrift access to capital,” Camden R. Fine, ICBA president and CEO, said. “ICBA and the nation’s community bankers strongly encourage the Senate to enact this legislation and other pro-growth reforms.”
IBCA officials said the coalition urged senators to pass the legislation as quickly as possible and free of any amendments upsetting its bipartisan balance – noting the legislation includes numerous provisions inspired by the ICBA’s Plan for Prosperity platform to provide relief from mortgage, capital, and data-reporting rules, among others.