Spending Bill Helps Regulators Relieve Community Banks
An ICBA-advocated proposal to give banking regulators more discretion in reducing community bank burden was added to a spending bill that advanced last week. Included in a funding package approved by the Senate Appropriations Committee is a provision to grant prudential regulators new powers to exempt banks with less than $10 billion in assets from unnecessary or excessively burdensome regulations.
ICBA has worked closely with Sen. Susan Collins (R-Maine) to advance the legislative proposal, which has also been introduced as the Community Bank Sensible Regulation Act (S. 1799). It was included along with legislation from Senate Banking Committee Chairman Richard Shelby (R-Ala.) containing various provisions from ICBA’s Plan for Prosperity. ICBA continues calling on senators to work across party lines to advance these provisions.