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Tuesday, September 16, 2014

Bank CEO, ABA Chairman Testifies on Community Bank Regulation

The ability of banks to meet their customers’ needs has been made much more difficult by the avalanche of new rules and regulations, president and CEO of Northwest Financial Corp and ABA chairman Jeff Plagge said in his testimony on behalf of the ABA regarding the state of small depository institutions before the Committee on Banking, Housing, and Urban Affairs. The weight of this cumulative burden, he continued, could threaten the model of community banking that is so important to strong communities, strong job growth and a better standard of living.

Plagge outlined four points that the House and Senate need to consider in order to help community banks better serve their customers:

  • Community banks face an avalanche of regulation that limits their ability to serve their communities;
  • Regulation cannot be “one size fits all,” and must be tailored to fit a bank’s individual model;
  • Congress should act to enact key bills that will provide relief for community banking; and
  • More can and must be done to address tax-favored competitors and liquidity access for community banks.

In order to ease the regulatory burden, Plagge asks Congress to enact the Community Lending Enhancement and Regulatory Relief Act (S. 1349), the RELIEVE Act (S. 2698), the Privacy Notice Modernization Act (S. 635) and the HELP Rural Communities Act (S. 1916).

Read the testimony.

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