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Monday, October 7, 2013

ABA Seeks Targeted Relief for Community Banks

ABA President and CEO Frank Keating called on federal banking regulators to provide several targeted items of regulatory relief—none of which require congressional approval—to “promote the strength and resurgence of community banking.”

With the number of community banks declining to the lowest in over a century and no new bank charters issued since 2010, Keating emphasized that “disturbing trends” are leading to an “erosion of community banking.”

Specifically, Keating called on regulators to: end punitive regulation of mortgage servicing assets; ensure the Volcker Rule does not impose inappropriate compliance requirements on community banks; strengthen the ombudsman programs in each agency; simplify the Call Report; remedy the disadvantages Basel III imposes on Subchapter S banks; and speak out about the competitive impact of tax-advantaged credit unions and the Farm Credit System.

Read Keating’s letter.

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