WASHINGTON—House Financial Services Subcommittee Chairman Blaine Luetkemeyer (R-MO) is urging lawmakers in the House Appropriations Committee to use the appropriations process to grant credit unions and small financial institutions regulatory relief.
Luetkemeyer, who chairs the Subcommittee on Financial Institutions and Consumer Credit, asked the leaders of the House Appropriations Subcommittee on Financial Services and General Government to "consider ways to reduce the regulatory burden that is harming community financial institutions and their customers," reported NAFCU.
Luetkemeyer touted provisions included in his 2015 "CLEARR Act," and urged the subcommittee to include similar provisions in its fiscal year 2018 appropriations package, including an increase in the Bank Secrecy Act reporting threshold, to give "meaningful relief to community banks and credit unions."
He also urged the subcommittee to place the CFPB under a regular appropriations schedule to "provide accountability and transparency at an agency that today is neither accountable nor transparent," NAFCU noted.
Luetkemeyer also asked the committee to include text in the package that would prevent initiatives like the Justice Department's Operation Choke Point from happening again.