Community bankers want out from under ‘crippling regulatory burdens’

The Independent Community Bankers of America (ICBA) rolled out a new regulatory platform Tuesday, calling for the federal government to spare its members from excessive and costly rules.

The group has repeatedly argued that community banks bore none of the responsibility for the financial crisis of the late 2000s, but are subject to many cumbersome regulations being issued in its aftermath.  

“By relieving the nation’s community banks and the communities they serve from crippling regulatory burdens, Congress would be making a historic step in rebuilding America’s economy one community at time,” ICBA President and CEO Camden R. Fine said.

The group’s “Plan for Prosperity,” a policy platform for the 113th Congress, envisions a tiered regulatory system that would hold Wall Street accountable while still providing relief to smaller “low-risk” institutions.

ICBA is asking for exemptions from some mortgage reforms, reductions in red tape involved in small business lending, and reductions in privacy notice requirements that lead to excessive paperwork.

The group is also proposing changes to the Consumer Financial Protection Bureau, modifications to the appeals process for bank exams and the creation of a new assistant secretary for community banks position at the Treasury Department.

Further details of the plan can be found here.