Introduced by Sen. Mike Rounds (R-S.D.), S. 3153 has been jointly advocated by ABA and the state associations and is a key part of ABA’s Agenda for America’s Hometown Banks. The House version cleared the House Financial Services Committee in March and is waiting for a floor vote.
The associations wrote:
Financial institutions, particularly community banks, have been besieged by an avalanche of regulations coming out of the financial crisis. While many of those new rules address legitimate concerns, they are often applied in indiscriminate fashion, imposing substantial burdens on institutions whose risk profiles and business models clearly do not warrant such applications. In the end, the primary losers… are the people and communities served by our nation’s banks.
Read the letter.