[Congressional Record (Bound Edition), Volume 161 (2015), Part 5]
[House]
[Page 7042]
[From the U.S. Government Publishing Office, www.gpo.gov]




                              {time}  1115
       DODD-FRANK REGULATIONS ARE CRUSHING SMALL COMMUNITY BANKS

  (Mr. PAULSEN asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. PAULSEN. Mr. Speaker, I rise today to speak on an issue that I 
hear more and more about each and every day, that is, how regulations 
are actually crushing and harming our small community banks.
  Just a week ago, I met with a group of small independent and 
community bankers who shared some pretty striking stories. A set of 
regulations issued as a result of the Dodd-Frank financial reform law 
have now led to a more than 100 percent increase in the length of the 
quarterly financial status report that they must file each quarter.
  One banker said that it took his CFO 4 full working days just to 
finish the report this year, and this is a CPA with multiple advanced 
degrees. Another said he has to pay the accountant now $25,000 just to 
review the reports for its accuracy.
  Mr. Speaker, these crushing Dodd-Frank regulations are having the 
direct opposite effect of their intention. They are hurting small 
community banks that are vital to providing capital to the small 
businesses that keep our economy healthy.

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