"Your political activism is very needed and appreciated," he said of FOTB, "and there are some exciting opportunities to bring in new members of Congress sympathetic to your cause next year."
Rep. Barr, the
first House member endorsed by FOTB, shared his efforts to expand access to capital in underbanked communities, promote the
ECORA Act, and to require banking regulators to simplify regulations. Bankers need to play offense, and look at ways to be vocal this Congressional session. Ideas included looking at ways to bank in Opportunity Zones tax free, clarifying terms in
UDAAP, and tweaking
CECL to make more sense.
"Thanks to Dodd-Frank, there are 13,000 fewer banks in this country than in the 1980s," he said. "We need to make it easier to start new banks and regulatory relief to make it easier for existing banks." Credit unions buying community banks is a "big concern on our radar screen, and it is eroding the tax base and contributing to the consolidation problem."
Regarding taxes, Rep. Barr said "I will oppose anything that increases the 21% corporate rate, a financial transaction tax, or any of the other bad ideas being floated right now." He said "I know the CFPB is a big concern. I continue to push for the CFPB to be more accountable to Congress."
He concluded by talking about how America needs traditional banking. "Thanks to the philanthropic and charitable efforts of banks. You're a strength in communities that too often is unnoticed."
