ICBA Vice Chairman Challenges CFPA on NPR
On National Public Radio's All Things Considered, (Listen to the Segment). ICBA Vice Chairman Salvatore Marranca said that while community banks did not cause the financial crisis, the proposed Consumer Financial Protection Agency could lead to unfair and unnecessary burdens on them. Marranca said community banks already have so many regulators that when examiners visit a community bank, there aren't enough rooms to put them in.
The story notes a critical ICBA-inspired amendment included in the House regulatory reform bill that would exempt community banks with less than $10 billion in assets from the CFPA's primary exam and enforcement authority and from paying agency fees. ICBA expects many more positive changes will be made as the Senate advances its regulatory-reform measure, and the association will continue working to focus consumer-protection reform efforts on too-big-to-fail and unregulated institutions and away from community banks.