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Thursday, February 12, 2015

ABA to Congress: Growing Volume of Regulation Harming Community Banks

The growing volume of regulation is harming community banks’ ability to meet the needs of consumers across the country, according to testimony from the ABA before the Senate Banking Committee.

Daniel Blanton, CEO of Southeastern Bank Financial Corporation and Georgia Bank & Trust in Augusta, Georgia, testified on behalf of ABA. Blanton, who is also vice chairman of ABA, noted that while community banks are resilient, the avalanche of new rules has made it much more difficult to meet customer needs. Blanton said:

It is this regulatory burden that often pushes small banks to sell to banks many times their size. In fact, today there are 1,200 fewer community banks than there were five years ago. This trend will continue unless some rational changes are made to provide relief to America’s hometown banks.

Read the testimony.

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