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Congressman Scott Tipton

Representing the 3rd District of Colorado

Financial Services

The most pressing issue facing financial institutions in the Third Congressional District is the compliance burden from Dodd-Frank regulations. The Dodd-Frank regulations were meant to lift the economy out of recession and end the “too big to fail” phenomenon that came out of the 2008 financial crisis. Instead, the one-size-fits-all regulations have hurt community banks, stunted the growth of small businesses, and limited credit options for lower-income Americans. As a member of the House Financial Services Committee, I am working to provide our small banks and credit unions relief from heavy-handed Dodd-Frank regulations that should never have been applied to them in the first place.

 

More on Financial Services

April 11, 2018 Press Release

During the 2018 Semi-Annual Report of the Consumer Financial Protection Bureau (CFPB) before the full Financial Services Committee, Congressman Scott Tipton (CO-03) had the chance to ask Acting Director Mick Mulvaney about House buy-in on the recently passed Senate Regulatory Relief bill and whether the CFPB is on track to tailor Dodd-Frank era regulations.

Tipton began his line of questioning by asking Director Mulvany about the recently passed Senate banking bill, and whether the House should have the opportunity to improve upon this legislation.

March 16, 2018 In The News

The House of Representatives passed Congressman Scott Tipton’s (CO-03) bill to reduce the onerous regulatory compliance burdens on small community banks and credit unions. H.R. 1116, the Taking Account of Institutions with Low Operational Risk (TAILOR) Act would require financial oversight agencies to tailor regulations to better fit a bank or credit union’s risk profile and business model. The bill passed with a bipartisan vote of 247-169.

March 14, 2018 Press Release

WASHINGTON D.C. – The House of Representatives passed Congressman Scott Tipton’s (CO-03) bill to reduce the onerous regulatory compliance burdens on small community banks and credit unions. H.R. 1116, the Taking Account of Institutions with Low Operational Risk (TAILOR) Act would require financial oversight agencies to tailor regulations to better fit a bank or credit union’s risk profile and business model. The bill passed with a bipartisan vote of 247-169. 

February 27, 2018 Press Release

WASHINGTON D.C. – During a full hearing in the Financial Services Committee on the state of the economy, Congressman Scott Tipton (CO-03) questioned the newly appointed Chairman of the Federal Reserve (Fed), Jerome Powell, on how the Fed plans to help reduce burdensome, one-size-fits-all regulations on well-managed small community banks and credit unions.

In his opening statement before the Committee, Tipton praised the recent tax cuts.

February 2, 2018 In The News

The House of Representatives overwhelmingly passed legislation introduced by Rep. Scott Tipton (R-Colo.) that extends mobile banking access to rural Coloradans Monday evening.

The Making Online Banking Initiation Legal and Easy (MOBILE) Act of 2017 (H.R. 1457) passed with high bipartisan support on a 397-8 vote.

The MOBILE Act increases access to mobile banking services by requiring states to allow consumers to use electronic scans of their driver’s license or other personal identification to set up bank accounts on mobile devices.

January 29, 2018 Press Release

WASHINGTON D.C. – The House of Representatives passed Congressman Scott Tipton’s (CO-03) legislation which would make mobile banking more obtainable for all Americans. The Making Online Banking Initiation Legal and Easy Act of 2017 (H.R. 1457), otherwise known as the MOBILE Act, passed the House with a vote of 397-8.

January 29, 2018 Press Release

WASHINGTON D.C. – Congressman Scott Tipton (CO-03) made the following statement after the Consumer Financial Protection Bureau (CFPB) announced changes to its Prepaid Card rule, including an extension in the effective date of these changes.

January 19, 2018 Press Release

WASHINGTON D.C. – Congressman Scott Tipton (CO-03) voted for legislation that will reduce the regulatory burden on small banks and credit unions, providing relief for American families. The Home Mortgage Disclosure Adjustment Act (H.R. 2954) passed the House with a vote of 243-184.

December 28, 2017 In The News

There are many challenges facing hard-working families trying to maintain their way of life in rural America, but one of their greatest obstacles may be lack of access to a physical bank or credit union.

Bank accounts are an important tool for financial stability for Americans of all income levels in all parts of the country. Having a bank account helps families save money securely, pay bills in a timely fashion and better plan for their future financial needs.

December 14, 2017 Press Release

WASHINGTON D.C. – Representatives Scott Tipton (R-CO) and Carolyn B. Maloney’s (D-NY) Financial Institutions Examination Fairness and Reform Act of 2017 (H.R. 4545) has been approved by the full Financial Services Committee with a bipartisan vote of 50-10, and will now move to the House Floor for consideration.