The Independent Community Bankers of America expressed support last week for the Community Lending Enhancement and Regulatory Relief Act, which is designed to ease the regulatory burden on community banks.
“Relieving community banks of the crippling regulatory burdens they face will go a long way towards eliminating burdensome red tape, which will allow community banks to keep deposits circulating throughout the community, leading to more jobs and a stronger economic recovery,” ICBA Chairman Bill Loving said.
S. 1349, which was sponsored by Sens. Jerry Moran (R-Kan.), Jon Tester (D-Mont.) and Mark Kirk (R-Ill.), exempts community bank portfolio loans from a number of new mortgage rules and from Sarbanes-Oxley internal-controls assessment mandates.
Additionally, the legislation supports additional capital opportunities for small bank-holding firms.
“This bipartisan legislation is key to unlocking the doors of local economic prosperity,” ICBA President and CEO Camden R. Fine said. “As a former community banker, and one who represents the nation’s community banks, I realize just how important regulatory relief is for community banks and the future of their communities. I urge the Senate to support this vastly important bipartisan legislation because it’s a win-win for community banks and communities of all sizes throughout the nation.”