Congressman Rick Nolan visited GRSB this afternoon to meet with area community bankers. Tiered regulation (regulating small community banks differently than large multinational banks) was a key topic. Bankers from the region explained the difficulties posed by the recent implementation by the Consumers Financial Protection Bureau of new rules governing "qualified mortgages." One banker pointed out that in his home town, he must process an inch-thick stack of papers to make a home mortgage for a customer, but if the same customer wishes to purchase a new Ford truck for the same amount of money he wanted to borrow for the house, there will be only a half-dozen sheets of paper to process.
The group also discussed the uneven competition for banks from credit unions that pay no income tax but are seeking to expand the scope of their lending authority in business loans and other areas. The Congressman heard that the “common bond” around which credit unions were once formed is no longer a requirement, and that credit unions should be held to the same standards as community banks.
Congressman Nolan represents the Eighth Congressional District of Minnesota, an region stretching north to south from International Falls to Isanti and west to east from Brainerd to Grand Marais.
Pictured are (from left): Gene Baker (Northview); Jef Fisher (First State Bank of Bigfork); Matt Uhan (First National Bank-Gilbert); Richard Jones (Randall State Bank); Ed Zabinski (GRSB); Chris Lynch (First National Bank-Coleraine); Congressman Nolan; Greg Niska (Northern State Bank-Virginia); Brian Nicklason (Woodland Bank); and Jerry Hoel (Miners National Bank-Eveleth).