INDUSTRY U P DAT E S
Arkansas Lawmakers Making Effort to Lighten
Section 1071 Burdens
C
ommunity banks face a gauntlet of challenges as inflation continues to rise, supply chain issues continue to burden small business customers and a possible recession looms. New, burdensome
regulations could be added to that list. Two Arkansas lawmakers, U.S. Rep. French Hill and U.S. Sen. John Boozman have joined several other members of Congress to
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introduce legislation that would curtail data collection requirements that can be costly and time consuming for smaller banks. Hill is a former banker who has been involved in federal policy making for the banking industry since the 1980s. Hill, along with U.S. Rep. Rep. Blaine Luetkemeyer, R-St. Elizabeth Mo., and U.S. Rep. Roger Williams, R-Austin, introduced H.R. 6732, the Small LENDER Act, in the U.S. House of Representatives to
