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Heitkamp Announces Bipartisan Regulatory

           Relief & Consumer Protection Plan

          U.S. Senator Heidi Heitkamp announced an                 •  Relief from overly proscriptive mortgage-
          agreement with Senate Banking Committee                      writing rules, if the lender keeps the loan on
          Chairman Mike Crapo (R-ID) and a bipartisan                  portfolio
          group of senators to improve our nation’s financial      •  A targeted exemption from appraisals for
          regulatory framework, promote economic growth,               loans  made  in  rural  areas  that  don’t  have
          and protect consumers in North Dakota’s rural                access to a certified appraiser
          communities. Sen. Heitkamp worked with a
          bipartisan group of senators over the past three         •  Simplified  capital  standards  for  community
          years to negotiate and reach this agreement, as              banks that will allow them to focus resources
          regulatory relief for community banks and credit             on lending instead of complex international
          unions has been one of her top priorities on the             capital rules
          Committee.                                               •  A targeted exemption for truly small lenders

          The deal would improve consumer access to                    from the new requirements of the Home
          mortgage credit, provide regulatory relief for small         Mortgage Disclosure  Act (HMDA) rule
          financial  institutions,  and  tailors  regulations  for   •  A provision that will help more community
          banks to better reflect their business models.               banks keep local assets and customer
                                                                       relationships by allowing them to hold onto
          In 2013, Heitkamp brought FCIC Chairman Martin
          Gruenberg to North Dakota to hear directly from              reciprocal deposits
          bankers in the state about the importance of local       •  A provision allowing small thrifts and mutual
          and community banks to helping small businesses              to  convert  their  charters  without  having  to
          and communities thrive. In 2016, she brought                 incur unnecessary compliance costs
          CFPB Director Richard Cordray to Bismarck to           For a section-by-section summary of the
          hear from small banks and credit unions about the      plan, visit
          regulatory burdens they face that can deter their      resources/776/111517_heitkamp_update.pdf. n
          focus on relationship lending.
          Heitkamp has continued to engage community
          lenders in the state, participated  in more than
                                                                                            Submitted for release by the
          30 meetings with federal regulators and more                                  Office of Senator Heidi Heitkamp
          than 20 Senate Banking Committee hearings.                              Contacts: Ian Janetta/Abbie McDonough
          She has also introduced individual bills over the                                            202.224.8898
          years to help support community banks, including
          a bipartisan  bill which became law in 2015 to
          eliminate costly and burdensome annual privacy
          notifications  from  banks,  and  instead  requiring
          them to only notify customers of actual changes.
          And she successfully included several provisions
          in the deal announced this week, including:

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