U.S. Rep. Randy Feenstra (R-Hull) announced that Mr. Scott Schneidermann would be his guest at this year’s State of the Union address. Mr. Schneidermann is the President and Chief Executive Officer of Frontier Bank and Frontier Insurance and Realty in Rock Rapids, Iowa.
“I’m excited to announce that Scott Schneidermann – who is an unwavering advocate of our community banks in Iowa – will be my guest at this year’s State of the Union. Alongside his dad, Scott runs a very successful bank with multiple locations in Iowa and South Dakota as well as an insurance and realty company in Rock Rapids. Over the years, the Schneidermann family has generously supported our rural communities, elevated the significance of personalized banking for our families, farmers, and businesses, and prioritized the importance of a strong education for our kids,” said Rep. Feenstra. “While the Biden administration is actively working to make lending in rural areas more difficult, I’m leading legislation to ensure that our community banks can provide our families, farmers, and small businesses with reliable access to capital and affordable loans. By reducing the onerous tax burden on community banks and allowing these local lenders to serve Iowans more flexibly, the financial benefits will multiply throughout our economy. I will continue to be a strong voice for our community banks, our job creators, and our families.”
“I look forward to attending the State of the Union and thank Congressman Feenstra for his support of Iowa’s community banks and rural communities. Serving on the House Ways and Means Committee, he has an outsized platform to advocate for policies that benefit our local banks and families, including his vote in favor of repealing the Section 1071 rule and his leadership on the ACRE Act,” said Schneidermann. “Policies that support our community banks in turn drive long-term economic growth in rural areas, help businesses keep their doors open, and assist our farmers with their capital needs. Community banks also help Iowa families find and finance their next home. I know that community banks have an ally in Congressman Feenstra and that he will always protect access to reliable, affordable loans and capital.”
Feenstra is the lead sponsor of the Access to Credit for our Rural Economy (ACRE) Act. This legislation would amend IRS code to level the playing field for community banks to administer agricultural real estate loans by granting them tax exempt status on earned interest. This same exemption already applies to farm credit institutions.
This exemption would also apply to single-family home mortgage loans in rural communities with fewer than 2,500 residents and for mortgages less than $750,000.
According to the American Bankers Association, this legislation would expand access to affordable agricultural and home loans to over 4,000 rural communities nationwide and save family farmers and producers well over $400 million in annual interest expenses.
