Industry leaders weigh in on regulatory relief measure

Business and industry leaders recently joined Sen. Joe Donnelly (D-IN) in discussing a legislative measure design to reduce regulatory restrictions on main street community banks and credit unions.

© Shutterstock

Donnelly and representatives from the U.S. Chamber of Commerce, Indy Chamber, Indiana Bankers Association, and the Indiana Credit Union League weighed in on the Economic Growth, Regulatory Relief and Consumer Protection Act, which would also provide new protections to consumers, including service members, veterans, and those impacted by the Equifax cyber breach.

“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,” Donnelly said. “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.”

Indy Chamber President and CEO Michael Huber said nearly 80 percent of the organization’s members are small businesses and legislation resulting in both expanded access to capital and better opportunities for the regional workforce warrants

“Sen. 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,” Huber said.

Officials said the bill 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.