You don’t need to be a community banker inside the beltway to know that partisanship and policymaking seem to go hand in hand in Washington these days. So, when an opportunity arises to enact meaningful reform — with the power to help my New Hampshire community bank and our customers — I can’t sit back and let the opportunity pass me by. Too much is at stake for my community and communities across the nation.
When the
For far too long we’ve been sidetracked by the ever-increasing federal regulations that have
With the legislation set to be brought to the Senate floor this week, Congress will have the opportunity to support community banks and the communities they serve so that we can return to relationship-based lending and help bolster our nation’s economic resurgence. By reforming overly complex regulations on community bank mortgage lending, for example, my staff can focus on the needs of our borrowers rather than the mounds of regulatory paperwork meant to rein in Wall Street’s excesses.
Tailoring rules to the size and risk profile of regulated institutions will not only ease the burden on local institutions and reduce the pressures that are stifling our ability to serve our customers, it will also help preserve our diverse and decentralized banking system.
Since the financial crisis, both political parties have constantly voiced support for regulatory relief for the nation’s community banks. Now our elected officials, including my New Hampshire senators, Democrats Maggie Hassan and Jeanne Shaheen, have a chance to support our community banking industry with action. Now they can demonstrate a rare bipartisan show of unity and stand with community banks like Ledyard National, which provide seed money to job-creating small businesses.
There are community banks in every congressional district, serving as an indispensable source of credit for thousands of urban, suburban and rural communities.
While it isn’t a panacea to overzealous regulation, the
By igniting the economic power of community banks, lawmakers will be encouraging access to financial services that puts customers first and helps local economies remain viable.