Senator Mike Johanns (Nebraska) is on the Senate Banking Committee. He is one Representative that opposes additional regulatory burden. Here’s an email he provided in an e-Update, dated June 28, 2011:
I continue to hear from community bankers in Nebraska who are struggling to comply with burdensome new regulations and the challenges they face just to complete the overwhelming paperwork requirements for a home loan. During a Senate Banking Committee hearing today, I had the opportunity to express these concerns and highlight the important role community banks play in my state. This regulatory overreach may end up pushing some of these banks out of business. These local lenders are part of the fabric and economic strength of many of our small communities. We cannot afford to jeopardize them with unnecessary red tape. I invite you to click on the link below to hear more:
I emailed Senator Johanns to let him know I appreciate his approach. I also let him know that I believe the current regulatory burden is killing banks. Listen…Banker’s Compliance Consulting will profit from the regulatory burden placed on our clients. That’s a fact. But I still informed him that I believe it is suffocating banks and is wrong. How’s that for a testimony?
Hopefully, other Representatives will listen and straighten this mess out.