House Bill Would Create Ombuds for Community Banks

Representative Dennis Cardoza, (D-18th Cal) has introduced legislation to strengthen the 7,500 community banks in the U.S. The Administrative Support and Oversight for Community Financial Institutions Act of 2009 would establish an Assistant Secretary for Community Financial Institutions at the Treasury. The second purpose of the bill would be creation of an Ombudsman Office for Community Financial Institutions at the Treasury which would have the mandate of assisting smaller banks navigate federal programs. The bill has been referred to the Committee on House Financial Services for hearings. (GovTrack, H.R. 2676.)