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State bank regulators applaud passage of S. 2155

Washington, D.C. – State financial regulators support the passage of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, bipartisan legislation that will provide greatly needed relief for community banks.

Highlights

Provisions that would help community banks foster economic growth:

  • Qualified mortgage status will encourage community banks to lend more to prospective homebuyers;
  • Appraisal relief will help rural Americans in the homebuying process;
  • Reciprocal deposits will be treated as a stable source of funding that keeps large deposits local; and
  • Volcker rule relief will allow community banks to legitimately hedge risk.

Community banks provide 43 percent of all small loans to farms and businesses.

On March 12, CSBS wrote a letter to Chairman Crapo, available here, supporting S. 2155 and urging its quick passage.

Quote

Attributable to CSBS President and CEO John Ryan

“CSBS supports S. 2155 because it will allow community banks to better serve their customers and promote local economies. S. 2155 provides needed relief for community banks and includes several provisions that will help state regulators better supervise both banks and non-bank financial institutions.

“State regulators are charged with supporting local economic growth throughout their states, and the best way to do that is through a vibrant community banking sector.”


Media Contact: Catherine Pickels, 202-728-5734, cpickels@csbs.org

Twitter: @CSBSNews

The Conference of State Bank Supervisors (CSBS) is the national organization of bank regulators from all 50 states, American Samoa, District of Columbia, Guam, Puerto Rico and U.S. Virgin Islands. State regulators supervise roughly three-quarters of all U.S. banks and a variety of non-depository financial services. CSBS, on behalf of state regulators, also operates the Nationwide Multistate Licensing System to license and register non-depository financial service providers in the mortgage, money services businesses, consumer finance and debt industries.

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