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 June 3, 2003 #03-23
E-mail: [email protected]

ACB PLEDGES SUPPORT TO AGENCIES’ PROJECT TO ELIMINATE UNNECESSARY REGULATIONS

Press Release Tools
	E-mail This Press Release
	Printer-Friendly Format

WASHINGTON, D.C. — America’s Community Bankers pledged its support today to the joint project of the federal banking regulators to eliminate burdensome regulations. At a news conference, ACB Second Vice Chairman Harry P. Doherty said ACB “welcomed the opportunity to participate in this timely and important project.”

Speaking for the community banking industry, Doherty said: “It’s easy to say that we fully support the goal of eliminating outdated, unnecessary and burdensome regulations. But we know it is more difficult than it sounds. The agencies and the industry must constantly ask: Do we need this rule? Can it be eliminated, or at a minimum simplified? Can it be done administratively, or must Congress act?” he declared.

“We have a common interest here in reducing regulations to reduce an institution’s costs. By eliminating unnecessary and costly regulations, financial institutions can compete with less regulated or unregulated financial services providers,” Doherty said.

“Reducing the regulatory burden will free up funds for our institutions to invest in our communities and better serve our customers’ financial needs,” he said.

Doherty also asked the regulators “to give special attention to the heavy cost of regulations on community banks, particularly smaller institutions.”

Doherty is also chairman and CEO, SI Bank & Trust, Staten Island, N.Y.

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-