In a rarity, community banks are taking advantage of a law that should drastically lower certain regulatory expenses.

Since the Jumpstart Our Business Startups, or JOBS, Act was signed into law in early April, nearly 65 banks have filed to deregister with the Securities and Exchange Commission. That number exceeded the total number of deregistrations for the previous 16 quarters, according to SNL Financial. While those companies still report to a bank regulator, deregistering securities could save many of them at least six figures in filing costs each year.

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