House Financial Services Subcommittee Chairman Shelley Moore Capito, R-W.Va., promoted the need for regulatory relief for both credit unions and community banks in a hearing Tuesday focused specifically on banks’ regulatory burden.
Capito, noting the examination fairness legislation introduced Monday, added that community banks and credit unions need a “real avenue” to appeal supervisory decisions.
Tuesday’s hearing, by the House Financial Service Subcommittee on Financial Institutions and Consumer Credit, included testimony from four bank executives, three of them slated to speak for the American Bankers Association, Consumer Bankers Association and Independent Community Bankers of America.
Tuesday’s hearing generated comments from bankers about a range of issues, including examinations, small-business lending, mortgage lending and capital requirements.
Rep. Greg Meeks, D-N.Y., said community banks and credit unions both play a vital role and should cooperate on regulatory relief they can both embrace. Rep. Blaine Luetkemeyer, R-Mo., said he will introduce a regulatory relief bill for community banks.continue reading »