Support Bipartisan Efforts to Tailor Regulations for Community Banks and Credit Unions (v. 2)

As it stands now, banks and credit unions are facing an ever-increasing regulatory burden that they can no longer shoulder. This growing burden has had a devastating impact on small banks, forcing consolidation or failure and stifling the creation of new banks in areas that need access to credit. A December 2015 report by the Dallas Federal Reserve highlighted this problem, noting that the regulatory environment is increasingly addressing big bank processes and tends to be “one-size-fits-all,” before concluding that regulatory oversight should match the level of risk an institution poses to the financial system and economy at large. For this reason, we have written a letter to express our concern with the current regulatory framework for banks and credit unions and taken the opportunity to promote the need for “tailored” regulations that better match the business model and risk profile of different classes of institutions. The letter text can be found below. An appropriate regulatory burden permits banks and credit unions to focus their time on the surrounding community as well as save the time and resources of bank examiners.

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Support Bipartisan Efforts to Tailor Regulations for Community Banks and Credit Unions

As it stands now, banks and credit unions are facing an ever-increasing regulatory burden that they can no longer shoulder. This growing burden has had a devastating impact on small banks, forcing consolidation or failure and stifling the creation of new banks in areas that need access to credit. A December 2015 report by the Dallas Federal Reserve highlighted this problem, noting that the regulatory environment is increasingly addressing big bank processes and tends to be “one-size-fits-all,” before concluding that regulatory oversight should match the level of risk an institution poses to the financial system and economy at large. For this reason, we have written a letter to express our concern with the current regulatory framework for banks and credit unions and taken the opportunity to promote the need for “tailored” regulations that better match the business model and risk profile of different classes of institutions. The letter text can be found below. An appropriate regulatory burden permits banks and credit unions to focus their time on the surrounding community as well as save the time and resources of bank examiners.

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Briefing on DOL Fiduciary Rule

Every day for the next 15 years, 10,000 Americans will turn 65. In addition, Americans are living longer, are underestimating their life expectancy, and do not have traditional pensions to rely on for lifetime income. That’s why, as co-chairs of the Financial Security and Life Insurance Caucus, we would like to invite you or a member of your staff to attend the upcoming briefing on the Department of Labor’s (DOL) proposed fiduciary rule and its response to congressional concerns.

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