FEDERALhearing transcript

Senate Hearing: Challenges Facing Rural Banks

Original title: THE STATE OF RURAL BANKING: CHALLENGES AND CONSEQUENCES

January 1, 2016

banking rural development financial regulation small business lending community banks

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The Frame

What this does

This hearing serves as a formal record of testimony regarding the operational costs and regulatory compliance burdens that impact the availability of credit and financial services for residents in rural areas.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Rural bank customers

These individuals rely on local banks for financial services and credit, which may be impacted by the regulatory environment of their local institutions.

Community banks and credit unions

These institutions are subject to federal regulatory requirements that influence their operational costs and lending practices.

What changed

Last recorded activity January 1, 2016.

What's next

Next step not available in the current record.

Summary

The Senate on Financial Institutions and Consumer Protection held a hearing on October 28, 2015, to examine the impact of federal regulatory requirements on small, rural financial institutions. Witnesses and committee members discussed how current regulations affect the ability of these banks to serve local communities and small businesses.

Key Facts

The hearing took place on October 28, 2015, in the Dirksen Senate Office Building.
The primary focus was examining regulatory burdens placed on small, rural financial institutions.
Chairman Toomey stated that rural banks often serve as the primary financial access point for residents in small towns.
Witnesses included representatives from community banks, credit unions, and policy research organizations.
The hearing record includes prepared statements from four witnesses and responses to written questions from Senator Warren.
Additional materials submitted for the record include charts from Chairman Toomey and a summary of a Democratic alternative to the Financial Regulatory Improvement Act of 2015.

Frequently Asked Questions

What was the purpose of this hearing?

The hearing was held to discuss the challenges rural banks face due to federal regulations and how those regulations impact their ability to serve their communities.

Who testified at the hearing?

Witnesses included Terry Foster (Mifflin County Savings Bank), Roger A. Porch (First National Bank), Carrie Wood (Timberland Federal Credit Union), and Sarah Edelman (Center for American Progress).

Why It Matters

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Regulatory focus on rural banking

The hearing highlights a specific legislative effort in 2015 to address the perceived disparity in regulatory impact between large urban banks and small rural institutions.

Subcommittee on Financial Institutions and Consumer Protection

Connected Entities

personRoger A. Porch“Vice President of First National Bank, Philip, South Dakota”Map →

organizationSubcommittee on Financial Institutions and Consumer Protection“The body conducting the hearing”Map →

personPatrick J. Toomey“Chairman of the Subcommittee on Financial Institutions and Consumer Protection”Map →

personSherrod Brown“Member of the Committee on Banking, Housing, and Urban Affairs”Map →

personTerry Foster“CEO of Mifflin County Savings Bank”Map →

personSarah Edelman“Director of Housing Policy at the Center for American Progress”Map →

personCarrie Wood“CEO of Timberland Federal Credit Union”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance40
How much this matters to a regular citizen
Controversy30
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz5
Current news / social attention level

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