Posted March 21, 2017
On March 21, 2017, the Federal Reserve, Office of the Comptroller of the Currency and FDIC, in conjunction with the National Credit Union Administration released a 440-page report to Congress (as required by the Economic Growth and Regulatory Paperwork Reduction Act) which focused especially on regulatory burdens faced by community banks. With Congress looking for ways to boost economic growth by rolling back financial regulations, the regulators mostly pointed towards those impacting smaller lenders. Following the report’s submission, outgoing Fed. Gov. Daniel Tarullo sent a letter to the leaders of the congressional banking committees, in which he expressed the need to make supervision less burdensome for community banks in addition to regulation.