Last week, ICBA delivered to the Treasury Department a comprehensive white paper to bolster economic growth through tiered community bank regulations. “Community Bank Regulatory Relief: A Roadmap to Economic Growth and Prosperity” lays out the economic benefits of community banks, the challenge of overregulation and its effect on industry consolidation, and regulatory solutions.
The white paper, which complements the Plan for Prosperity regulatory relief platform, offers solutions to:
Strengthen community bank mortgage lending through targeted reforms;
Ease commercial lending rules to mitigate the negative impact on small businesses and farms;
Reform punitive Basel III capital rules and refocus them on the largest financial firms;
Address growth-inhibiting burdens stemming from the Consumer Financial Protection Bureau, Bank Secrecy Act, quarterly call report and examination environment; and
Review the credit union industry’s tax and regulatory exemptions.
Community bankers, led by Texan Scott Heitkamp, met with Treasury officials on April 5, 2017 to detail many of these recommendations in response to President Trump’s recent executive order to review financial regulations.
In comments made before the Senate Banking Committee last week, Treasury Secretary Steven Mnuchin said that the Department’s first report to the President regarding financial regulations will focus on regulatory relief measures for community banks.
Staff contact: Chris Williston, email@example.com, 512-474-6889