What We Stand For: Rational Regulation

Throughout the last several years, bank regulators have proposed and finalized regulations that will harm the stability of the financial system, hinder growth in underserved communities, and make affordable credit less accessible. In addition to undermining the dynamism and diversity of our banking system, such regulations affect consumers and communities throughout the United States.

What We’re Working On

• Extending supervisory authority over nonbank small business lenders and working to repeal the CFPB’s misguided small business lending data collection and reporting rule.

• Opposing price controls on interchange, which merely transfer wealth from bank customers to a handful of large retailers, with minimal benefit to small businesses.

• Applying the Community Reinvestment Act to nonbank lenders and advocating for a modernized CRA rule that encourages bank lending to low-and moderate-income individuals and communities.

• Challenging proposed higher capital standards until regulators can provide  data analysis, including a “quantitative impact study,” demonstrating how requiring more capital  will impact the economy as well as credit availability for specific sectors and customer segments, including low- and moderate-income borrowers.

• Enacting the SAFER Banking Act to move state-sanctioned cannabis cash from the street and into regulated financial institutions, improving community safety and bringing greater transparency to the cannabis industry for regulators, tax authorities and law enforcement.

• Overhauling the CFPB’s Section 1033 as it relates to scope, liability, and cost after first delaying its implementation and finalizing a CFPB rule to supervise data aggregators.

• Preserve access to credit for low-and moderate-income borrowers by delaying implementation and withdrawing the CFPB’s rule on credit card late fees.