We are mindful, as we consider new regulations…, that community banks and thrifts are dealing with challenges on many fronts, and we will be particularly sensitive to the compliance burden that all new rules impose as we proceed.While discussing the proposed Basel III rules Curry stated his supported for reasonable capital standards.
I believe some of the Basel standards are appropriate for banking institutions of all sizes and levels of complexity, and they belong in our rulemaking.Curry also discussed community banker concerns surrounding the supervision powers of the CFPB:
But there are several elements of the Basel standards that we don’t believe are appropriate for community banks and thrifts, and our proposed rules reflect that. For example, the counter-cyclical buffer…
While financial institutions with less than $10 billion in assets are not supervised for compliance purposes by the new agency, the CFPB will be writing rules and regulations in the area of consumer policy that will affect all institutions regardless of size.Read Curry’s prepared remarks.