WASHINGTON D.C. – Rep. Cathy McMorris Rodgers (WA-05) released the following statement after the House passed H.R. 1259, the bipartisan Helping Expand Lending Practices in Rural Communities Act last night, which provides an appeals process for rural communities, enabling the exemption of certain loans from the Consumer Financial Protection Bureau’s Qualified Mortgage rule.
“Time and time again we’ve seen federal regulations get in the way of job creation and local economic growth in Eastern Washington. That’s why I’m proud to advocate for rural communities all across our region by working to increase transparency in the Consumer Financial Protection Bureau’s ‘rural’ classification. I joined my colleagues on both sides of the aisle in cutting federal red tape and standing up for rural America – because one-size-fits-all regulations do not help communities like ours thrive and grow. Let us continue to come together to grow our economy from the bottom up and create new, high-paying jobs and opportunities for people across Eastern Washington.”
The bipartisan Helping Expand Lending Practices in Rural Communities Act would give rural communities in Eastern Washington the right to petition to be reclassified as “rural.” The legislation establishes appeals process to contest ‘non-rural’ designation.