Rothfus Votes to Reinvigorate Economy and Provide Regulatory Relief for Community Financial Institutions

WASHINGTON – Congressman Rothfus (PA-12), issued the following statement after he supported the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act, S. 2155, to provide targeted regulatory relief for financial institutions. The Congressman is the only Pennsylvania member serving on the House Financial Services Committee.

“Today a House majority that included both Republicans and nearly three dozen Democrats voted to right-size regulations for our community and regional financial institutions,” said Congressman Rothfus. “Since the end of the financial crisis, we have seen an average of one community bank or credit union disappear every day. This has meant that consumers have faced higher costs and reduced access to vital financial products. By fixing misguided rules from Washington, this bill will help consumers and small businesses access the financial services they need to live their version of the American Dream. Today’s legislation included two bipartisan bills I authored that will provide additional relief to mutual banks and will ensure custody banks can continue to serve as a source of stability for pension funds, mutual funds, and endowments in times of financial stress.”

Watch the Congressman’s Full House Floor Speech HERE.

“Everyone, from the single mom in Ambridge looking to buy her first home to the entrepreneur in Beaver Falls working to achieve his or her version of the American Dream, deserves access to financial services and the chance to thrive in a growing, healthy economy.” – Congressman Keith Rothfus

Pennsylvania Support:

“Over the past decade, rural communities and the most economically depressed urban neighborhoods have suffered through the loss of financial services because of Dodd-Frank’s collateral damage. S.2155 corrects the overreach of Dodd-Frank and keeps intense regulatory focus on the largest Wall Street banks. It is the people of Pennsylvania who benefit the most from this corrective legislation.” - Nick DiFrancesco President & CEO, Pennsylvania Association of Community Bankers

“In Pennsylvania, today’s regulatory burden costs credit unions a total of $224.4 million or $119 per member household each year. S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, is bipartisan, common-sense regulatory reform legislation that will benefit Main Street financial institutions like credit unions, consumers, and local economies. We thank Congressman Rothfus for his support of S. 2155 and his leadership on behalf of Pennsylvania’s 392 credit unions and 4 million credit union members.” -- Patrick C. Conway, President & CEO, PA Credit Union Association

“The benefits of passing S.2155 directly impacts my credit union because unlike big banks, as a community credit union we get to know our members and are able to provide financial help that big banks can't. Regulations intended for those on Wall Street can prohibit credit unions from providing services to those in our community who need our help most. We provide loans for our members' first home - making the mortgage process easier and quicker will allow us to provide hard working young families realize their dream of home ownership. We get to know our members' families and develop personal relationships so we can help protect their parents and grandparents from elder abuse. We care about our members' financial we'll-being. The passage of S.2155 will allow credit unions to continue to improve the lives of our members and the communities we serve.” -- Sandi Carangi, CEO Mercer Community FCU in Hermitage PA

“We continued to serve the residents before and after the crisis but have seen an increase in the cost to comply.  For a small community institution, that takes away from our ability to give back and support the community we reside in and challenges on introducing new products and services to enhance the financial lives our membership. [S.2155] will enable us to reallocate compliance funds into to the local communities we reside in. For example, we would be to grow our student branches and financial literacy efforts within Westmoreland County.” -- Maria LaVelle, CEO Westmoreland Community FCU in Greensburg, PA

“The passage of S.2155 will be a huge benefit to the Altoona First community in many ways; however, one the biggest impacts will be the QM classification for loans which we approve and maintain on our books.  S.2155 will allow Altoona First to do what it does best – know our customers and meet their financial needs in a customized, prudent manner.  This provision will have a direct positive impact by allowing deserving families to achieve their dream of home ownership.” -- Troy M. Campbell President/CEO, Altoona First Savings Bank in Altoona, PA

“Over the years, additional regulatory burdens created by Dodd-Frank and other burdensome legislation has created onerous reporting and servicing requirements that has added significant cost to mortgage lending and has made it more difficult for individuals trying to purchase or refinance their primary residence in economically hard-hit areas. HMDA reporting for smaller organizations has taken on a life of its own and has dramatically increased our cost and compliance burden. We need this relief and help with this burdensome and costly regulation. Please vote yes for bill 2155!” -- Todd Cover-Constiuent CEO, USSCO Federal Credit Union in Johnstown, PA

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