ICBA-backed regulatory relief bill tabled in Congress

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WSBI U.S. member advocates legislation to relieve community banks from one-size-fits-all regulation

               

​​​​​WASHINGTON, D.C., 23 March 2015 – ICBA-advocated legislation to relieve community banks from one-size-fits-all regulation was introduced in the House of Representatives. The American Jobs and Community Revitalization Act (H.R. 1389), introduced by Rep. Andy Barr (R-Ky.), would implement several provisions of the association’s Plan for Prosperity regulatory relief platform. Among its provisions, H.R. 1389 would:

  • provide a qualified mortgage safe harbor for portfolio loans,
  • allow individuals to petition the Consumer Financial Protection Bureau to reassess the rural status of their areas,
  • provide for longer examination cycles for highly rated community banks with less than $1 billion in assets,
  • require a review and reconciliation of existing regulations that may be in conflict with or duplicative of new rules being promulgated by the banking agencies, and
  • ensure equitable treatment of Subchapter 

Proportionality