Sen. Dan Coats (R-Ind.) has introduced the Community FinancialProtection Act, which would provide credit unions and communitybanks relief from financial regulations enacted after the financialcrisis.

The bill would reform the way the CFPB requests information from financial institutions with lessthan $10 billion in assets by requiring the CFPB to gather publiclyavailable information or obtain information from existing bankingregulators.

If the CFPB asks for information that is not publicly available,the bill would require the bureau to provide justification for itsrequest. Under the bill, the regulator could deny any request for information from theCFPB.

“Hoosier community banks and credit unions play a key role intheir local communities, and they are paying the price for mistakesmade on Wall Street,” said Coats in a statement. “These Indianabusinesses did not cause the financial crisis, but they are beingtreated as if they did by federal bureaucrats.

“My legislation will allow community financial institutions andcredit unions to focus on what they want to do and do best –helping families and local employers.”

The Indiana Bankers Association, the Indiana Credit Union Leagueand CUNA support the bill.

“The Indiana Bankers Association applauds the efforts of Sen.Dan Coats to maintain and grow a strong Indiana banking communitythrough the introduction of the Community Financial ProtectionAct,” said S. Joe DeHaven, president/CEO of the Indiana BankersAssociation. “The Community Financial Protection Act is a solidstep in the right direction to ensure that Hoosiers will havecontinued access to capital to invest in and build communities. TheIndiana banking community welcomes and supports this measure.”