In L.A. Times, Nichols Emphasizes Urgency of Regulatory Reform
Posted: 30 May 2017 06:07 AM PDT
Banks of all sizes need regulatory reform, and the need is especially pressing for community banks, ABA President and CEO Rob Nichols wrote in a Los Angeles Times op-ed. With the House expected to vote on a regulatory relief bill as early as next week, the op-ed drives home the message that excessive regulatory burdens negatively affect bank customers.
Nichols recounted a story from a southern California community bank that had to end mortgage lending because the software required to stay compliant would have meant the bank lost money on every loan. He wrote:
Nearly a decade after the crisis, we’ve ended up with too many duplicative and sometimes contradictory rules that don’t always promote safety and soundness, and may actually hinder banks from serving their customers and growing local economies.