[A] burdensome web of Washington regulations under the 2010 Dodd-Frank Act is holding back New Hampshire’s hometown banks from meeting the needs of customers, and there is a growing need for relief. By combining several bipartisan measures already considered by Congress, S. 1484 would reform the one-size-fits-all approach to financial regulation and remove some of the obstacles preventing banks from serving customers.
Thornton cited local examples of how regulatory burden hinders credit for customers:
Recently, one NHBA member bank exited the home mortgage business, driven out by the costs of excessive regulation. As they grapple with new requirements from the CFPB, others are pulling back from making commercial loans that support the Granite State’s small businesses.