WASHINGTON, DC—U.S. Senator Gary Peters (D-MI) issued the following statement on Senate passage of the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act:
“Commonsense financial regulation is essential to supporting Michigan families, growing our economy, and creating jobs. I am proud to have served on the House Financial Services Committee and the conference committee that wrote and finalized Dodd-Frank. This important law cracked down on risky trading and created the Consumer Financial Protection Bureau to protect American families. I am committed to defending these critical consumer protections and ensuring our financial regulators have the necessary tools to keep our economy stable and growing.
“Big banks and Wall Street caused the financial crisis – not Michigan’s credit unions and community banks. Our state’s credit unions and community banks kept Michigan families afloat during the financial crisis by providing loans when big banks would not. We should not have a “one size fits all” approach to financial regulation. I cosponsored this bipartisan legislation to ensure that our financial regulations are tailored to the size and risk presented by different banks.
“As the biggest multinational banks continue to consolidate and grow, small community banks and credit unions are being forced to close their doors. This consolidation only leads to further instability in our financial system, and less opportunity for families and small businesses seeking affordable lines of credit. By giving small community banks and credit unions much needed flexibility while still maintaining strict oversight of large banks, this bill will help ensure Michigan families can continue getting home mortgages, auto loans and small business loans.
“Finally, this legislation builds on the consumer protections that were created in Dodd-Frank by providing consumers with free credit freezes and unfreezes and giving active-duty servicemembers free credit monitoring services to help protect their identities while they are serving our country. The package also includes two provisions I authored to allow private student loan borrowers to rehabilitate their credit after a default and protect children from identity theft that can ruin their credit before they even finish school. I will continue working to ensure big banks face strict oversight and community banks and credit unions can continue offering quality financial services to families in Michigan and across the country.”