'Time is of the Essence' to Save Small Institutions, Lawmakers Warn
The House Financial Services Committee has renewed its look at regulatory relief for small financial institutions, pressing bankers and credit union representatives for details about their compliance burdens. “We are losing more than one [community bank] a day and they are not perishing of natural causes,” said Rep. Jeb Hensarling (R-Texas), chairman of the committee. “The sheer weight, volume, cost, complexity and uncertainty of federal regulation is a burden that is killing them off,” he warned. Although Democrats have said they are wary of any relief that undermines Dodd-Frank and have cautioned against placing too much blame on the measure, some support the need for targeted reform.