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House Financial Services opens 119th Congress hearing stressing regulatory relief for community banks
Summary
Lawmakers and industry witnesses told the House Financial Services Committee that community banks face shrinking numbers and heavy compliance burdens; members from both parties voiced overlapping goals but differed on the role of recent regulatory actions, especially CFPB rules and executive orders.
Chairman French Hill opened the House Financial Services Committee's first full hearing of the 119th Congress, saying the committee will focus on ways to “make community banking great again” and bring what he called common‑sense policy to reduce burdens on small and regional banks. Ranking Member Maxine Waters used her opening remarks to underline bipartisan support for community lenders while sharply criticizing recent executive actions she said threaten those customers.
The hearing drew five witnesses with direct industry or regulatory experience: Pat Kennedy Jr., founding partner at Kennedy Sutherland and a community bank shareholder; Susanna Marshall, Commissioner of the Arkansas State Bank Department; Cathy Owen, executive chair of Eagle Bank and Trust of Little Rock; Rebecca Romero Rainey, president and CEO of the Independent Community Bankers of America (ICBA); and Mitra Spaterra, vice president for federal policy at the…
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