A new ICBA blog post spotlights ICBA’s calls for regulators to conduct a comprehensive regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act, or EGRPRA.
Details: In the post on Main Street Matters, ICBA Senior Executive Vice President and Chief of Government Relations and Public Policy Anne Balcer says:
Problematic practices by transaction-focused large banks have long led to new rules for the entire banking sector, with a recent rash of rulemaking totaling 7,000 pages of new rules since July.
The current regulatory approach results not in safer and sounder institutions, but check-the-box exercises for examiners, under which community banks are collateral damage in the agencies’ continued inability to properly oversee too-big-to-fail banks.
Regulators must take bold action under the latest EGRPRA review to eliminate one-size-fits-all mandates that fail to consider the community banking business model.
Background: In a recent comment letter, ICBA urged regulators to hire an outside consultant to quantify the regulatory burden on community banks and designate an overall director of the current EGRPRA review process who can cut through the objections of individual agencies.
