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NAR Working with Congress on Burdensome Dodd-Frank Regulations

June 15, 2016 by Shari Veldman

Burdensome Regulations Hearing

JUNE 10, 2016

BY ERIN STACKLEY, STEPHANIE A. SPEAR

On Thursday, June 9, the House Small Business Subcommittee on Economic Growth, Tax and Capital Access held a hearing titled “Bearing the Burden: Over-regulation’s Impact on Small Banks and Rural Communities.” During the hearing Committee members questioned witnesses from small, community banks about the impact of Dodd-Frank regulations on their ability to serve their communities.  The witnesses explained the unique position that community bankers are in – they often serve areas whose residents are unable to get loans from traditional large-banks, and provide loans for much smaller amounts – and how important they are to their local economy.  With the increase in compliance burdens that have been created by Dodd-Frank requirements – intended to rein in the practices of the large banks that caused the recession – they are no longer able to make decisions based on credit, they testified, but rather on compliance.

NAR’s membership has a close relationship to the small business community, and works closely with local or community banks, which have been hit hardest by the burden of increased regulations.  NAR sent a letter thanking the Subcommittee for looking into this issue, highlighting that relationship as well as the key role that housing plays in rural communities.

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