Excessive regulation hurts banks' ability to provide credit and grow jobs, Rep. Shelley Moore Capito (R-W.Va.) told attendees at ABA's Government Relations Summit. “If our small businesses are not able to get credit, it leads to greater stagnation in the economy,” said Capito, who chairs the House Financial Services Subcommittee on Financial Institutions and Consumer Credit.
She told several stories of successful bank investments in her home state before segueing to more troubling stories she has heard around the country about the impact of cumulative regulations, such as small community banks doubling their compliance staff. Capito added that compliance officer is one of the top 10 fastest growing occupations in the country.
Capito promoted bills she has introduced with bipartisan cosponsors, including an examination fairness bill, and a proposal to decrease regulatory duplication. "The cumulative effect is what’s been damaging and difficult for you to deal with," she said.