Washington, D.C. – Congressman Frank Lucas (OK-3), a senior member of the House Financial Services Committee, released the following statement upon passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), legislation to provide relief for small banks and credit unions across the country:

“For several years, small financial institutions throughout Oklahoma have asked for regulatory relief from Dodd-Frank,” said Congressman Lucas. “Today, I’m proud to support legislation that will roll back some of those burdens that are driving up costs for consumers and limiting access to capital. Passage of this bill is a major victory and first step toward bringing financial markets back to full efficiency and capacity.”

S. 2155 modifies provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and other laws governing regulation of the financial industry. The bill changes the regulatory framework for small financial institutions with assets under $10 billion (community banks) and for large banks with assets over $50 billion. The bill also makes changes to consumer mortgage and credit-reporting regulations and to the authorities of the agencies that regulate the financial industry.