Congressman Dennis Cardoza
18th Congressional District of California

WASHINGTON, DC – Congressman Cardoza introduced legislation today that aims to assist the nation’s community banks, ensuring they continue to play a role in the nation’s economic recovery. Specifically, the legislation would establish the position of Assistant Secretary for Community Financial Institutions at the U.S. Treasury.

More than 7,500 community banks across the nation account for more than $2 trillion in Americans’ bank accounts. Recent reports by the FDIC indicate that even when the biggest banks have stopped lending, community banks have seen an increase in their loans.

“Community banks provide a critical service in our nation’s cities and towns. Despite their importance, smaller banking institutions have been subjected to the same far-reaching provisions that larger banks have been subjected to,” said Congressman Cardoza. “We must provide these banks with equal support and afford them special consideration for their unique role when devising national policies and programs.” 

Congressman Cardoza’s legislation was introduced as the Administrative Support and Oversight for Community Financial Institutions Act of 2009.The legislation would also establish an Ombudsman Office for Community Financial Institutions at the Treasury, helping smaller institutions navigate complicated federal programs.