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Monday, May 20, 2013

ABA Expresses Support for Reg Relief Bill

ABA wrote to Rep. Blaine Luetkemeyer (R-Mo.) and other House Financial Services Committee members to express support for a regulatory relief bill (H.R. 1750) that Luetkemeyer recently introduced.

“Regulatory burdens on the banking industry have grown dramatically in recent years, stretching the resources of banks across the country and hindering their ability to help local businesses grow and create jobs,” ABA EVP James Ballentine wrote. “H.R. 1750 contains many helpful provisions that ABA has long advocated to ease regulatory burdens.”

Those provisions include measures that would streamline banks’ privacy notice requirements, exempt banks with $10 billion in assets or less from Sarbanes-Oxley management attestation requirements, and expand the “qualified mortgage” safe harbor.

Read the letter.

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