ABA Statement on Fairness for Community Job Creators Act

ABA President and CEO Frank Keating:

“We applaud Chairman Hensarling and Rep. Capito for introducing their important legislation, which would provide needed certainty and clarity for community banks by addressing the disruptive consequences of the Volcker Rule on these institutions. Community banks were reassured that the Volcker Rule wouldn’t affect them, as they pose no conceivable systemic risk, but they have quickly found out otherwise as affected institutions face millions of dollars in losses that will undermine their ability to serve their customers and communities. ABA has been working diligently to find a solution to this matter through regulatory or legal channels and we will continue to do so. We look forward to working with members on both sides of the aisle to resolve this issue and prevent further harm to our nation’s community banks.”