ICBA commended the federal banking agencies for hosting a virtual community banker outreach meeting under their current regulatory review and called for at least three more meetings.
ICBA Comments: In a comment letter responding to regulators’ second request for comments under the current Economic Growth and Regulatory Paperwork Reduction Act review, ICBA:
Spotlighted community banker calls for regulatory relief during the ICBA-advocated virtual outreach meeting on Sept. 25.
Encouraged the agencies to schedule at least three more virtual outreach meetings to ensure that all community banks can weigh in on heavy regulatory burdens.
Noted that prior EGRPRA assessments have not seriously factored in the cumulative effect of thousands of pages of regulations on the ability of community banks to serve their customers.
Urged policymakers to include the Consumer Financial Protection Bureau in future EGRPRA reviews given its role in developing consumer protection regulations.
Called on regulators to streamline and simplify rules related to flood insurance, the Fair Credit Reporting Act, the Fair and Accurate Credit Transactions Act, Regulation O, and the Bank Secrecy Act, beneficial ownership information, and more.
Virtual Meeting: During the Sept. 25 interagency meeting, 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.
Background: EGRPRA requires the federal banking agencies to review their regulations every 10 years to identify outdated, unnecessary, or unduly burdensome regulations, giving community bankers an opportunity to articulate their concerns.
Community Banker Advocacy: ICBA thanks the community bankers who responded to ICBA’s grassroots advocacy campaign by submitting customized comment letters to regulators under the latest EGRPRA request for information.
