All Banking Law, All in One Place. Bloomberg Law: Banking is the comprehensive research solution that powers your practice with access to integrated banking-related legal news, analysis,...
Sept. 8 — Banking and credit union interests are calling on the Senate Banking Committee leadership to act promptly and pass legislation meant to give lenders a break from regulation.
The American Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National Association of Federal Credit Union wrote a letter, dated Sept. 8, to Sens. Richard Shelby (R-Ala.) and Sherrod Brown (D-Ohio) expressing strong support “for promptly enacting comprehensive bipartisan financial regulatory relief.”
Shelby chairs the Senate Banking Committee and Brown is the ranking member. The panel approved an amended version of Shelby's bill, S. 1484, along party lines in May. Senate Democrats attacked Shelby's bill as a rollback of important Dodd-Frank Act protections and offered an alternative measure that, like Shelby's, included breaks for smaller banks, but did not provide changes in other areas such as the systemic risk designation process for larger banks.
“We have continually heard senators on both sides of the aisle express support for helping our nation’s community financial institutions,” the letter said. “While no single piece of legislation is perfect, measures, such as S. 1484, the Financial Regulatory Improvement Act of 2015, are a step in the right direction.”
Lawmakers returned Sept. 8 from their summer recess, with negotiations on some sort of financial regulatory relief in front of them. The letter said a growing volume and complexity of regulations is driving the decline in community lenders, with remaining institutions forced to hire new compliance staff instead of loan officers.
“On behalf of our members we urge the Senate not to allow rhetoric to stand in the way of promptly passing needed reforms and supporting the financial needs of America’s communities,” the lending groups wrote. “With limited time remaining in this Congressional session, it is imperative lawmakers work together and pass a legislative product that is bipartisan, and provides meaningful relief for community institutions and consumers throughout this country.”
To contact the reporter on this story: Jeff Bater in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Mike Ferullo in Washington at email@example.com
The letter is available at http://op.bna.com/bar.nsf/r?Open=jbar-a26u5z.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)