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Monday, March 23, 2015

ABA Welcomes ‘Rural’ Designation Mechanism Bill

ABA welcomed H.R. 1259, a component of ABA’s Agenda for America’s Hometown Banks that would set up a mechanism for individuals and businesses in rural areas to appeal the CFPB’s designation of a rural or underserved area. The bill is expected to receive a committee vote on Wednesday.

ABA thanked Reps. Andy Barr (R-Ky.) and Ruben Hinojosa (D-Texas) for introducing the measure, which passed the House unanimously in the previous Congress. ABA said:

H.R. 1259 would help to assure that whatever definition of rural is ultimately used by the CFPB, there would be an avenue to apply to the Bureau to extend the definition of rural in those inevitable cases where a county may have been inappropriately excluded.

In related news, Senate Majority Leader Mitch McConnell (R-Ky.) joined Sens. Joe Manchin (D-W.Va.) and Dean Heller (R-Nev.) in asking CFPB Director Richard Cordray to adopt a petition-and-appeal mechanism for rural designations on his own and to relax requirements for what areas qualify as rural or underserved.

Read ABA’s letter.
Read the senators’ letter.

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