Community banks to regulators: Carve us out of new rules

“Community banks have little in common with Wall Street firms, megabanks or shadow banking institutions and did not cause the financial crisis or perpetrate abusive consumer practices,” ICBA President and chief executive Camden R. Fine said.

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An assortment of the most burdensome regulations amount to as much as 14 percent of community banks’ operating costs. And the new rules are continuing to mount — less than half of more than 230 rules required by the Dodd-Frank Wall Street reform law are now on the books, according to a recent report by the Government Accountability Office.

Fine argued that policymakers should “carve out” community banks from new regulations and use a tiered approach to rule-making that protects community institutions from onerous requirements meant to hold Wall Street accountable.