Dec 20 - The American Bankers Association has released the following statement President and CEO Frank Keating regarding the Volcker Rule's affects on community banks:
“ABA is dismayed that the regulators have not found a resolution to address the disruptive consequences of the Volcker Rule on community banks. Community banks were reassured that the Volcker Rule wouldn’t affect them, as they pose no conceivable systemic risk, but they have found out otherwise – and with only two weeks before the end of the year. The consequences of this unexpected bureaucratic bombshell are millions of dollars in losses that will undermine affected banks’ ability to serve their customers and communities.
“We urge regulators to listen to the calls from affected banks and bipartisan calls from members of Congress to resolve this issue. We will continue to forcefully press our case until this unexpected and indefensible harm is resolved.”