Alexander: President Trump and Republican Congress Cut Red Tape for Tennessee’s Community Banks and Credit Unions

Posted on May 24, 2018

WASHINGTON, May 24, 2018 – United States Senator Lamar Alexander (R-Tenn.) today said President Trump and the Republican Congress are delivering relief to Tennessee’s community banks and credit unions after President Trump signed legislation to reduce regulations and unnecessary reporting requirements on Tennessee’s community banks and credit unions. 

“In my meetings with Tennessee bankers and credit unions, I continue to hear how Washington’s overregulation has meant endless paperwork, less access to home loans for worthy borrowers, and more expensive credit,” Alexander said. “I supported important legislation to reduce these regulations and help Tennesseans turn to their local financial institution for help buying a home or investing in a small businesses, and I am glad the president signed the legislation into law today.”

The Economic Growth, Regulatory Relief and Consumer Protection Act will:

  • Increase access to mortgage loans for potential homeowners.
  • Relieve small financial institutions from burdensome reporting requirements.
  • Properly tailor regulations to larger financial institutions.
  • Improve consumer protections for veterans, senior citizens and those who have fallen on tough financial times.

The bill is supported by the Tennessee Bankers Association, the American Bankers Association, Credit Union National Association  (CUNA), the Tennessee Credit Union League, the Independent Community Bankers of America and the Chamber of Commerce.