“Smaller banks and thrifts don’t have the same kind of resources that large institutions can bring to bear on regulatory compliance, and if we can eliminate unnecessary rules and streamline others, we can make it easier for these institutions to serve the economic needs of their communities,” Comptroller of the Currency Thomas J. Curry said at the Interagency Outreach Meeting on EGRPRA.
Comptroller Curry listed three ways that the OCC supports reshaping regulations that are unduly burdensome for community institutions.
First, the OCC supports raising the asset threshold for institutions able to qualify for the 18-month exam cycle from $500 million to $750 million in assets. The extension would qualify several hundred additional banks and thrifts for the extended cycle, reducing the burden for those well-managed institutions and allowing federal banking agencies to focus their supervisory resources on those banks and thrifts that present issues of supervisory concern.
Second, Comptroller Curry supports congressional action to exempt community banks from the Volcker Rule, saying that the OCC supports a $10 billion asset threshold which would exempt more than 6,000 banks and thrifts.
Finally, the OCC has developed a proposal to provide federal savings associations with greater flexibility to expand their business model without changing their governance structure, giving these institutions greater flexibility to adapt to changing economic and business environments in order to meet the needs of their communities.
Read the speech.