Community bankers voiced discontent with excessive regulatory burdens during an ICBA-advocated outreach meeting under the current Economic Growth and Regulatory Paperwork Reduction Act review.
Details: ICBA Past Chairman Brad Bolton and ICBA Safety and Soundness Committee Chairman Ken Hale cited excessive regulatory burdens from anti-money-laundering regulations, the Consumer Financial Protection Bureau’s 1071 and 1033 rules, the call report, capital requirements, and more.
Reception: During the outreach meeting, Acting Comptroller of the Currency Michael Hsu said previous EGRPRA outreach meetings have yielded important information to the banking agencies about regulatory burdens.
Background: EGRPRA requires the federal banking agencies to review their regulations every 10 years to identify outdated, unnecessary, or unduly burdensome regulations, giving community bankers an opportunity to articulate their concerns.
Getting Involved: ICBA recently issued a guide to help community bankers submit written comments under the current EGRPRA review by the Oct. 30 deadline.
