Sen. Elizabeth Warren raised the issue about the regulatory burden facing community banks at a Senate Banking Committee hearing.
After the Massachusetts Democrat expressed her concerns for the smaller financial institutions, Warren suggested the industry needs a two-tiered regulatory system in which large and small banks are regulated separately. 
"One of the concerns that I have is that in Dodd-Frank we now have a regulatory system, that while Dodd-Frank made some distinctions between large and small banks, that small banks are still subject to many regulations that were written for the larger financial institutions," she said.
"The idea of a two-tiered system has long been championed by small bank advocates, who say the current setup subjects community banks to many rules that shouldn't apply to them. If Warren were to take up the cause, it could significantly boost momentum for the idea," writes American Banker's Victoria Finkle.
For the full piece see "Warren Supports Simpler Regulatory System for Small Banks" (may require subscription).