June 5 - Independent Community Bankers of America (ICBA) President and CEO Camden R. Fine has released this statement following the federal banking agencies’ request for comments to identify outdated, unnecessary or unduly burdensome regulations imposed on insured depository institutions.
“ICBA welcomes federal regulators’ efforts to address the excessive and unneeded regulatory burdens facing community banks, which have a significant negative effect on Main Street communities nationwide. We hope that this effort proves to be more fruitful than the previous Economic Growth and Regulatory Paperwork Reduction Act review a decade ago.
“The regulators’ request for comment itself, which lists 124 different rules and regulations that the agencies will explore over the course of this effort, illustrates the regulatory overkill community banks face on a daily basis and doesn’t even include more than a dozen consumer-protection rules and regulations now under the jurisdiction of the Consumer Financial Protection Bureau. The most recent EGRPRA effort 10 years ago reviewed 129 different rules and regulations, including consumer-protection rules. ICBA has calculated that since 2007, regulators have churned out 9,800 Federal Register pages of new bank regulations—nearly 10,000 pages of detailed rules and regulations in just seven years.
“The amount and complexity of new regulations coming from Washington hinders community banks’ ability to continue promoting economic growth in their communities. ICBA looks forward to working with banking regulators to identify and address the regulatory burdens most in need of reform. But banking regulators, whose hands are frequently tied by statutory requirements, cannot alone address the excessive burden facing community banks. That is why ICBA continues to urge Congress to act on regulatory relief legislation, such as the numerous pending bills inspired by ICBA’s Plan for Prosperity platform, to support community-based economic growth and job creation.”
For more information, visit www.icba.org.
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.