|
|
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
August 1, 2001
#01-51 |
|
E-mail:
[email protected] |
|
| |
ACB URGES SEC TO EXEMPT THRIFTS FROM INVESTMENT ADVISERS ACT
WASHINGTON, D.C. — America’s Community Bankers has urged the
Securities and Exchange Commission to resolve a longstanding disparity between
banks and thrifts that exempts banks, but not thrift institutions, from the
registration requirements of the Investment Advisers Act.
Savings associations giving investment advice as part of their
traditional trust services must employ advisers who have passed licensing
examinations and are registered with the SEC.
In a letter to the SEC asking the agency to initiate a rulemaking, ACB
said: “Savings associations engaged in the same business and subject to the
same regulation and supervision as banks should be able to do. . .business on
the same terms and conditions.”
ACB acknowledged that the SEC’s latest semiannual regulatory agenda
includes a rulemaking to correct the disparity, but asked the agency to issue a
proposal expeditiously. ACB noted that it is continuing to work with members of
Congress on a legislative solution.
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.
-30-
|
| |
About
ACB |
Government Relations | Products
& Services | Affiliates
| Members
Area
| ACB
News Bank | In
The Community | Tools
& Resources | Contact
Us |
America’s Community Bankers
900 Nineteenth Street, NW, Suite 400,Washington, D.C. 20006
phone 202-857-3100 | fax 202-296-8716 | [email protected]
Copyright 1996-2002 © America’s Community Bankers. All Rights Reserved.
|
|
|
