The House Financial Services Committee approved a group of bills on Thursday designed to provide regulatory relief to credit unions and community banks.

"It is not an exaggeration to say that community banks and credit unions are withering on the vine," Chairman Jeb Hensarling (R-Texas) said. "We are losing, on average, more than one a day and they are not perishing of natural causes."

"The sheer weight, volume, cost, complexity and uncertainty of federal regulation is a burden that is killing them off," he added. "And as they die, unfortunately, so do the dreams of millions of our fellow citizens who rely upon these community financial institutions to achieve their American dream of financial independence."

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