In testimony before the House Financial Institutions and Consumer Credit Subcommittee, two community bank leaders detailed their organizations’ struggles with “wave after wave” of new financial regulations.
“Each new law or regulation in isolation might be manageable, but wave after wave, one on top of another, will certainly over-run many more community banks,” said William Grant, President and CEO of First United Bank and Trust in Oakland, Md.
Ed Templeton, President and CEO of SRP Federal Credit Union, echoed Grant’s remarks. “While any one single regulation may not be particularly burdensome, the layering of new regulation on top of old and outdated regulation can completely overwhelm small financial service providers like credit unions,” he said.
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