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Wednesday, March 28, 2012

Keating: ABA Applauds the House and Senate

ABA President and CEO Frank Keating, made a statement regarding the passing of the Jobs Act:
The American Bankers Association applauds the House and Senate for passing the bipartisan JOBS Act. We are particularly pleased that the legislation includes a provision ABA has worked on since 2005 that will raise the shareholder threshold for SEC registration for financial institutions from the current 500 shareholders to 2,000 shareholders, and will increase the deregistration threshold from 300 to 1,200.

This important change will increase access to capital that can be used for lending to drive the economy. It will also provide some needed regulatory relief for our nation’s community banks.
ABA conservatively estimates the change will immediately help at least 500 banks that have been affected by the outdated threshold and its associated regulatory burden.

Read the press release.

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