This week, the United States Senate will consider a comprehensive package of community bank regulatory relief measures that has been many years in the making. The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) is bipartisan legislation with 25 Senate cosponsors, including 12 Democrats, 12 Republicans and one Independent.
In a letter to Illinois Senators Richard Durbin and Tammy Duckworth, the Executive Committee of the Community Bankers Association of Illinois unanimously stated, “Your support for S. 2155 will strengthen Illinois community banks, promote competition in financial services, give consumers more choices, support small-business development, home and education lending, and bolster long-term financial stability and security. Community banks bear tremendous regulatory burden and cost, and the tiered regulatory relief provisions of S. 2155 are appropriately targeted to address these burdens and deliver an economic boost to small businesses and local communities.” The letter concluded by saying, “Your vote in favor of S. 2155 is a key measure of support for long-overdue, well-deserved and meaningful regulatory relief for Illinois community banks.” Read CBAI Executive Committee Letter to Senator Durbin. Read Letter to Senator Duckworth.
March 5, 2018