It’s not that often that a bill has support from both sides of the isle.
Our Malique Rankin tell us about a bill that will give community banks and credit unions some major relief.
Now before I lose you here on all this talk about bills and banks, let me tell you how it affects YOU.
If you ever had or ever will get a mortgage or a small business loan, this bill could be game changer.
That’s probably most of you at home. What this bill would do is strip back some of the hoops you have to go through when applying for a loan. Senator Heidi Heitkamp is one of the main sponsors of this bipartisan bill — and is confident it’ll pass.
Senator Heidi Heitkamp; (D) North Dakota: “Because of the regulations that have been imposed by Dodd Frank, many of these smaller institutions have given up on mortgage lending.”
Credit unions and community banks in North Dakota are backing this bill.
Saying it’ll save you and them a headache.
Jeff Olson; Credit Union Association of the Dakotas: People had to wait longer to get loans, they had to go through all kinds of disclosures, and really, the intended consequence of that bill to rein in the Wall Street people that were behaving badly.”
Barry Haugen; Independent Community Banks of North Dakota: “Well I think one example is, we’ve had much difficulty getting appraisals for home mortgage lending, especially in smaller communities.”
This bill will also offer more consumer protection.. helping senior citizens who made be scammed, helping veterans with medical bills, and even assisting with student loans.
And through this bill, it’d make getting that help much easier.
Jeff Olson; Credit Union Association of the Dakotas: “The road blocks in providing these, we have the same road blocks that large banks do. Simply, we don’t need to have those.”
This bill will be on the Senate floor for final passage later this week.
Then it’ll be handed over to the House.