Senator Kirk Urges Meaningful Regulatory Relief for Community Banks

Illinois’ Mark Kirk joined a group of bipartisan Senators in signing a member letter to regulators urging meaningful regulatory relief for community banks as part of the review process mandated by the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) process.

The member letter highlighted the “ever increasing regulatory burden” on community banks, and notes that the nation is “losing small banks” and the “regulatory framework is discouraging the creation of new ones.” The letter also highlighted the criticisms leveled at the regulators during the 2006 EGRPRA review “because the regulators subsequently failed to repeal or eliminate many substantive regulations.”

The letter concludes by stating, “To ensure that the current review has a more successful outcome, it is critical that the regulators not only gather the necessary feedback, identify the most burdensome regulations, but take meaningful steps to create a regulatory environment in which traditional lending can thrive in all communities.”, and finally - “we must not squander an opportunity to make a lasting impact on our regulatory landscape.”

CBAI thanks Senator Kirk for signing this important bipartisan member letter to banking regulators. Read Member Letter.

March 16, 2016