Community banks have achieved relief from Washington's response to the financial crisis, but it shouldn’t stop there, ICBA President and CEO Rebeca Romero Rainey wrote in a new op-ed.
In American Banker, Romero Rainey responded to an op-ed raising questions about community bank regulatory relief. She said these reforms address the disproportionate impact of regulatory burdens and advance a tiered regulatory system.
Romero Rainey said there is plenty more Washington can do, such as reforming the Bank Secrecy Act and leveling the playing field with the Farm Credit System and tax-exempt credit unions.
“Rather than finding new ways to apply Wall Street regulations to Main Street community banks,” she wrote, “policymakers should continue building and maintaining a tiered regulatory system.”