WKYT | Lexington, Kentucky | News

Ky. senators offer bill aimed at rural lending

FRANKFORT, Ky. (AP) - 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.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus

WKYT

2851 Winchester Rd. Lexington, Ky 40509 859-299-0411 - switchboard 859-299-2727 - newsroom
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 240122841 - wkyt.com/a?a=240122841