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Tuesday, April 1, 2014

ABA’s Carney: Regulators Must Engage Community Bankers

Although the thousands of pages of proposed rules required under the Dodd-Frank Act are nominally targeted at the largest banks, significant and complex issues that impact community banking are buried within these proposals. Community banks are challenged to “divine the bits and pieces of the regulation that may affect them” while the regulators’ focus on the largest institutions neglects community banks and the rest of the industry, ABA senior counsel Hugh Carney wrote in an American Banker op-ed. For example, the Volcker Rule was designed for larger banks, but many small banks were unexpectedly disadvantaged. Carney suggested three steps to making the process “better and fairer”:

  • Regulators should issue summaries for community banks at the proposal stage instead of waiting until the rule is finalized.
  • Agencies should engage in presentations and Q&A sessions during or before the proposal stage of rulemaking.
  • Due to the shortage of legal and compliance resources at community banks, regulators should provide a longer comment period for large and broadly applicable regulatory proposals.

To read the full story, see Twitter feed at the right side of the ABA Dodd-Frank Tracker homepage.

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