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 January 24, 2001 #01-06
E-mail: [email protected]

AMERICA’S COMMUNITY BANKERS URGES REVIEW OF SEVERAL BURDENSOME REGULATIONS

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WASHINGTON, D.C. — America’s Community Bankers has urged the Office of Management and Budget to review several proposed regulations that would impose significant regulatory burdens on community banks.

“In the past few months, the federal financial institution regulatory agencies have issued proposed regulations that we believe add significant regulatory burdens to the operations of many FDIC-insured institutions,” said ACB President Diane M. Casey in a letter to OMB Director Mitchell E. Daniels, Jr.

The Bush Administration has ordered a review of all proposed and pending regulations, including those already published in the Federal Register but not yet effective.

“We believe that the agencies have not shown that the burden imposed by compliance with these regulations is outweighed by the benefit derived by their adoption,” Casey added.

She urged careful review of the following: the thrift holding company proposal by the Office of Thrift Supervision, changes to the Home Mortgage Disclosure Act and the Home Ownership and Equity Protection Act proposed by the Federal Reserve Board.

ACB also urged OMB to review a proposal by the National Credit Union Administration to permit in activities not statutorily permitted.

ACB’s Letter is ATTACHED.

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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