Banking/Financial

Rep. Barry Loudermilk (R-GA) has made the following statement after he re-introduced the bipartisan Comprehensive Regulatory Review Act (CRRA), H.R. 3198: “Some of the many problems that exist within our federal regulatory agencies is their continued enforcement of outdated, duplicative, or irrelevant regulations, which many of the community banks and credit unions describe as ‘death… Read more »

Rep. Barry Loudermilk (R-GA) issued the following statement after the House passed the Building Up Independent Lives and Dreams (BUILD) Act, H.R. 1060: “Government red-tape and overly burdensome regulations are not only a challenge for American businesses, but they also affect non-profits like Habitat for Humanity. New regulations on disclosures for mortgage lenders have placed… Read more »

Watch the latest video at foxbusiness.com   Rep. Loudermilk (R-GA) on "Varney & Co." on the Fox Business Network discussing Rep. Maxine Waters', (D-Calif.), and Sen. Elizabeth Warren's, (D-Mass.), potential impact on the banks. Read more »

From the National Association of Federally-Insured Credit Unions (NAFCU):  Federal Reserve Vice Chairman of Supervision Randal Quarles acknowledged that implications of the Financial Accounting Standards Board's (FASB) current expected credit loss (CECL) standard aren't completely understood, but said the phased-in implementation of the standard should help mitigate… Read more »

Watch the latest video at foxbusiness.com   Rep. Loudermilk (R-GA) on "Bulls & Bears" on the Fox Business Network discussing how Senators Jeff Flake (R-Ariz.) and Chris Coons (D-Del.) are calling on President Trump to stop attacking the Federal Reserve. Read more »

Rep. Loudermilk's bill, the Financial Reporting Threshold Modernization Act, raises the currency transaction report (CTR) threshold from $10,000 to $30,000, which, in some instances, will reduce regulatory paperwork on small community banks and credit unions by almost 80 percent. Here's what some business associations are saying about the bill: National Association of… Read more »

Rep. Loudermilk (R-GA) issued the following statement after he introduced the Financial Reporting Threshold Modernization Act, H.R. 6850: “The Bank Secrecy Act of 1970 has not been updated in almost five decades and has resulted in massive paperwork burdens on community banks, credit unions, payment processors, and other companies. The law requires these companies to send a report to… Read more »

Rep. Loudermilk (R-GA) on "After the Bell" on the Fox Business Network discussing President Trump's trade stance and more Dodd-Frank reforms. Read more »

Rep. Barry Loudermilk (R-GA) today issued the following statement after the House passed a resolution of disapproval for the CFPB’s auto lending guidance (S.J.Res. 57): “From the beginning, Dodd-Frank has suppressed economic growth by placing regulatory obstacles between borrowers and lenders. Its overregulation has even prevented new businesses from emerging. However, today the House… Read more »

Rep. Barry Loudermilk (R-GA) House Floor Speech on the Volcker Rule Regulatory Harmonization Act (H.R. 4790). Summary of H.R. 4790: • Amends the Bank Holding Company Act of 1956 to exempt from the Volcker Rule banks with total assets: o Of $10 billion or less, and o Comprised of 5% or less of trading assets and liabilities. (The Volcker Rule prohibits banking agencies from… Read more »