mr. luetkemeyer. >> thank you. thank you for your kind remarks. these banks helped americans for their dreams. regulatory requirements disproportionately burden community banks that do not of the resources to comply. the first act to help community banks to help foster economic growth, and give targeted relief. some are concerned that the legislation is to broaden tries to dothe legislation must be brt in order to save our banks. community banks are consolidating our closing not based on weak assets or balance sheets. they cannot operate in the current regulatory environment. this is a reflection of the amount of regulation piled on community banks. community banks were not part of the financial crisis. the regulations that have come out of congress and this administration are crushing small businesses and community banks. i am fortunate to have my colleagues on both sides of the aisle as co-sponsors of this bill. it has the support of more than 35 state banking groups. that includes the missouri independent banking association. i would like to su

mr. luetkemeyer for the purpose of making an opening statement. >> thank you madam share. i appreciate you holding this hearing today because it's important that congress examine the [inaudible] every -- cfpb given that there is little or no oversight of the agency. authority is given to the cfpb are too rot. cfpb in my judgment changing the way the private sector offers financial products to consumers and remain unconvinced it will do so in a way that charlie benefits the american people. before the july 21st transfer date come cfpb examiners were collecting information purpose of putting in examinations. they've already undertaken major rulemakings that will no doubt change the way the private sector operates. we understand the regulations are meant to protect consumers. however in the past few years we have seen numerous examples of overly burdensome regulation and will continue to hurt consumers. in some ways we seem to be missing the goal of the consumer protection, and doing so, our compromising safety and soundness in the financial institutions. people in the financ