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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
July 19, 2005
#05-46 |
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E-mail:
[email protected] |
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ACB COMMENDS FDIC FOR PROPOSING TO INCREASE FDICIA THRESHOLD
America’s Community Bankers applauds the FDIC for responding to our request for an increase in the FDICIA threshold.
ACB began expressing concerns in 2004 about the substantial impact of the Sarbanes-Oxley Act’s internal control requirements on smaller public and nonpublic banks, particularly mutual banks. Community banks experienced substantial audit fee increases coupled with serious strains on internal resources as audit firms applied the new public company internal control attestation standards to smaller public and nonpublic banks, including our mutual savings bank members.
FDIC Chairman Donald Powell pledged at ACB’s 2004 annual convention that the FDIC board would seriously consider raising the threshold, as ACB requested. We commend Chairman Powell and the FDIC board for reducing the regulatory burden imposed on community banks.
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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America’s Community Bankers
900 Nineteenth Street, NW, Suite 400,Washington, D.C. 20006
phone 202-857-3100 | fax 202-296-8716 | [email protected]
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