ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release July 28, 2005 #05-51
E-mail: [email protected]

ACB STATEMENT ON THE REGULATORY RELIEF BILL INTRODUCED IN THE HOUSE

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Statement by Diane Casey-Landry, president and CEO, America’s Community Bankers, on the regulatory burden relief bill introduced in the House today by Reps. Jeb Hensarling (R-Texas) and Dennis Moore (D-Kan.):

America’s Community Bankers thanks Reps. Hensarling and Moore for crafting a carefully constructed bill to reduce the regulatory burden on banks. When unnecessary and costly regulations are eliminated or simplified, community banks will be able to better serve consumers and small businesses in their local markets. ACB’s highest priority is to achieve meaningful reduction of regulatory burden for community banks.

ACB is particularly pleased that the bill begins the process of reforming the Bank Secrecy Act’s exemptions on the filing of currency transactions reports. Providing certainty in the exemption process will relieve the burden on community banks of unnecessary filings and provide more meaningful information to the government in the war on money laundering and terrorist financing.

We are also pleased that the bill contains several other ACB priorities: removing the lending limit for savings associations on small business loans and providing a modest increase in the limit on other commercial loans to 20 percent of assets; providing statutory parity for savings associations with commercial banks offering the same trust services from certain registration requirements of the Investment Advisors Act of 1940 and the Securities Exchange Act of 1934; and exempting financial institutions from providing annual privacy notices if their privacy policies have not changed and they do not share with nonaffiliates.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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