March 25, 2014
Illinois Senator Mark Kirk recently agreed to cosponsor important regulatory relief legislation for community banks. Here is a brief explanation of the two measures:
S. 635 – The Privacy Notice Modernization Act of 2013 eliminates the requirement that financial institutions mail annual privacy notices when there has been no change in policies and practices with respect to disclosing nonpublic personal information.
S. 727 – The Financial Institutions Examination Fairness and Reform Act establishes examination standards including: firm deadlines for exit interviews and receipt of examination results, an appeals process, establishes a FFIEC Ombudsman separate from the prudential regulators, and provides safeguards for insured depository institutions from retaliation by federal banking agencies for exercising its rights.
Senator Kirk is also an original cosponsor of the Community Lending Enhancement and Regulatory Relief Act of 2013 (CLEAR Act). This legislation’s twelve provisions, drawn from the Independent Community Bankers of America’s Plan for Prosperity, will provide much needed tiered regulation and regulatory relief for community banks.
CBAI thanks Senator Kirk for taking a leadership position on these important community bank regulatory relief bills.