WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) announced its intent to provide relief for community financial institutions seeking to comply with excessive Dodd-Frank data collection and reporting requirements. This action is in line with Congressman Tom Emmer’s (MN-06) Home Mortgage Reporting Relief Act (H.R. 4648) which would have amended the law to provide small businesses and banks with this regulatory relief.
“Community banks and Credit Unions in Minnesota and around the country are cheering this decision,” said Congressman Emmer. “Now, rather than navigating through red rape, these small and medium-size lenders can focus on doing what they do best: helping Minnesota families achieve the American dream. I thank Director Mulvaney for his leadership at the CFPB on this issue and look forward to continue working with this administration to keep slashing burdensome regulations to allow the American economy to flourish.”
CLICK HERE for more information on the CFPB’s decision.
CLICK HERE to read the letter Emmer recently led to the CFPB on this issue.
CLICK HERE for more information on Emmer’s Home Mortgage Reporting Relief Act.