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Jim Eberle
(202) 857-3145 		Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected] 		For Immediate Release
March 18, 2004
#04-13

E-mail: [email protected]
 

ACB APPLAUDS HOUSE PASSAGE OF
FINANCIAL SERVICES REGULATORY RELIEF ACT

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The following is a statement from America’s Community Bankers Chairman William W. Zuppe on today’s House passage of H.R. 1375, the Financial Services Regulatory Relief Act, by a 392-25 vote:

America’s Community Bankers heartily applauds the House of Representatives for its overwhelming passage of H.R. 1375. This bill will help combat the enormous and costly regulatory burdens currently faced by community bankers across the country. We are particularly pleased that numerous provisions that will reduce unnecessary regulatory burdens and improve delivery of financial services to consumers were maintained in the bill, namely:
  • Expanded Business Lending Authority. It would allow federal savings associations unlimited small business lending authority and increases the lending limit on other business loans to 20 percent of assets.

  • Bank Branching. It would permit de novo interstate branching by national and state banks, extending the benefits of flexible branching authority now available to savings associations.

  • SEC Parity for Savings Association. Provides parity for trust activities of savings associations under certain provisions of the Investment Advisers Act and the Securities Exchange Act of 1934.

  • Interest on Business Checking. This provision would remove the Depression era prohibition on banks from paying interest on business checking accounts and allow the Federal Reserve to pay interest on sterile reserves.

  • ILCs. This would limit de novo branching for industrial loan companies formed on or after October 1, 2003 and whose parent companies derive less than 85 percent of revenues from financial businesses.
ACB applauds Chairman Oxley, Representative Capito and all the members for passing this important legislation. ACB is proud to have been an active part of the industry coalition supporting this effort and we look forward to working together to see that this outstanding legislation passes the Senate in 2004 and becomes law.

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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