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At a House hearing Wednesday, small banks testified that the cumulative burden of regulations is taking a huge toll.
May 9 -
As a former banker, I watched in amazement and disgust as the country's largest banks morphed from trusted fiduciaries of customer financial assets to unrepentant predators of consumer financial assets in just a few decades.
May 11
I was surprised and disappointed by Jim Well's BankThink piece
ABA, the Independent Community Bankers Association and the Credit Union National Association
We each had plenty of examples of burdensome new rules to cite, including new mortgage regulations, a proposal requiring community banks to register as municipal advisors and debit interchange price controls. We also all discussed how the cumulative effect of these compliance demands is straining resources, both human and financial.
Truth is, little of what I said was actually new. ABA has been cautioning policymakers for years not to make traditional banks, which had little to do with the financial crisis, pay the price for it. But as more proposals to implement Dodd-Frank Act provisions emerge, the law's direct and indirect impact on community banks becomes clearer, and the need for Congress to address the problem becomes more urgent.
ABA proudly represents all banks, small and large. We advocate solutions that will enable our members to be better at what they do: lend, safeguard deposits, reinvest in their communities and help businesses grow. Reforms that meet this test will get always get our support; those that do not will not. That's not a scheme. It's just common sense.
William Grant
Chairman, President and CEO
First United Bank & Trust
Oakland, Md.