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Tue January 14, 2014
McConnell, Paul Offer Bill Aimed At Rural Lending
Kentucky's Republican U.S. senators say they have introduced legislation aimed at helping rural counties being hurt by restrictive lending practices.
Sens. Mitch McConnell and Rand Paul said Tuesday their proposal is a response to the Consumer Financial Protection Bureau and its practices.
The senators say their bill would give counties a voice when the CFPB incorrectly labels them "non-rural."
They say several Kentucky counties, including Bath County, have gotten the "non-rural" designation, preventing them from certain rural lending practices that are helpful to farmers and small businesses.
Kentucky Bankers Association President and CEO Ballard Cassady says the bill would help rural communities to have access to the credit they need to survive.
The proposal has been introduced in the House by U.S. Rep. Andy Barr, a Kentucky Republican.