Joint News Release
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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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ABA: Charlotte Birch (202) 663-5470
CBA: Fritz Elmendorf (703) 276-3879
ICBA: Bill Grassano (202) 315-2457
The Financial Services Roundtable: Shannon Finney (202) 589-2427
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For Immediate Release
March 28, 2006
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E-mail:
[email protected] |
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JOINT ASSOCIATION LETTER ON REGULATORY RELIEF
WASHINGTON, D.C. (March 28, 2006) — Five financial services trade groups urged the leadership of the Senate Banking Committee today to mark up regulatory relief legislation before the end of April.
In a letter to Senate Banking Committee Chairman Richard Shelby (R-Ala.) and Sen. Paul Sarbanes (D-Md.), the committee’s ranking Democrat, the groups said that as a result of the committee’s work for more than a year, “we believe that a consensus on regulatory relief is achievable.”
The letter was signed by the chairmen of America’s Community Bankers, the American Bankers Association, the Consumer Bankers Association, the Independent Community Bankers of America and The Financial Services Roundtable.
The groups thanked the committee for its March 1 hearing and said the testimony “demonstrated that there is an immediate need and broad support for moving forward on comprehensive regulatory relief legislation as soon as possible.”
The groups supported a balanced regulatory structure that guards safety and soundness and protects consumers through reasonable regulations. “However, the burdens of compliance with a host of laws that do not enhance safety and soundness or provide meaningful protections for the public adds unnecessary costs to the delivery of financial services to the American public.”
Click here to read the letter.
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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