With Congress back to work after the summer recess, what is the possibility of substantial banking reform making its way through the process this Fall?
In an article published yesterday, American Banker laid out the considerable hurdles that any legislation would have to overcome as the attention of lawmakers will be focused on the conflict in Syria, the need for a continuing budget resolution and a looming battle over the debt ceiling.
Making matters even more difficult is the number of financial services-related issues that Congress could take up, including GSE reform, nomination of a new Federal Reserve Chairman, ending "too big to fail" and, of course, regulatory reform for community banks.
"In order for community banks to see regulatory reform rise to the top of the priority list, bankers across the country need to stay focused on communicating urgency to their lawmakers," said Steve Scurlock, IBAT Executive Vice President. "While I remain optimistic that something meaningful can happen for community banking, I'm also growing increasingly frustrated. It's time for Congress to act to take the regulatory thumbscrews off of community banks so they get back to the business of banking and serving their customers."
If you have not already done so, please contact your lawmakers and urge their support of the Community Lending Enhancement and Regulatory Relief (CLEAR) Act, H.R. 1750 and S. 1349, which includes many components of ICBA's Plan for Prosperity.
Staff contact: Steve Scurlock, email@example.com, 512-275-2226