FOR IMMEDIATE RELEASE
ICBA Supports Fed Governor Tarullo’s Call for Tiered and Proportional Financial Regulation
Washington, D.C. (May 8, 2014)—Camden R. Fine, president and CEO of the Independent Community Bankers of America® (ICBA), today issued this statement following today’s remarks from Federal Reserve Governor Daniel Tarullo on the need to tailor regulations to the size and complexity of financial institutions.
“ICBA fully agrees with Governor Tarullo that financial regulations should vary according to the size, scope and complexity of regulated organizations. Tiered regulation would support a more effective regulatory system and provide much-needed community bank relief from unnecessary regulatory burdens to enhance local economic growth.
“While policymakers have taken initial steps away from the traditionally unitary approach to financial regulation, a more explicit approach to tiered regulation is essential to mitigating systemic risks and supporting a diverse and decentralized banking system.
“ICBA agrees with Governor Tarullo that raising the threshold for the strictest set of banking regulations from $50 billion to $100 billion in assets is in line with this tailored regulatory approach. We also agree that policymakers should consider amending existing statutes to exclude community banks altogether and that the Volcker rule and the incentive compensation requirements of the Dodd-Frank Act are good examples of where community bank exclusions would make sense.
“ICBA looks forward to continuing to work with the Federal Reserve and other policymakers in support of tiered and proportional regulation.”
For more information, visit www.icba.org.
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services.