Tuesday Topic: Reg Relief, Fact or Fiction?

Great topic.  As a $2 Billion institution, we see very little help here.  I certainly agree that any relief is welcome but I am very disappointed that this is all we can get from an administration and congress that is supposed to be for regulatory relief.  Because regulation has been piling on for my entire 30 year career, we are left with a situation where picking the one thing that would make the most difference is indeed a difficult task.  In terms of actual dollars spent and regulatory risk, BSA is perhaps the most costly issue we face.  And we all know what the risk of non-compliance for BSA is so there is perhaps a tendency to "overspend".  This is a rule that has grown so much from its origins.  And the limits have not changed (to the best of my memory and knowledge) since it was passed in 1970.  Stop and consider how much money $10,000 was in 1970 compared to today!  

But the list is long, really really long......In my opinion, Congress is once again proving that they really care very little as to whether smaller banks survive or not.....

------------------------------
Charlie Maddy
Chairman & CEO
Summit Community Bank, Inc
------------------------------
-------------------------------------------
Original Message:
Sent: 03-20-2018 10:34
From: Barb Rehm
Subject: Tuesday Topic: Reg Relief, Fact or Fiction?

After clearing the Senate last week, the Economic Growth, Regulatory Relief and Consumer Protection Act moved to the House where Republicans declared they would not be "rubber stamping" the bipartisan bill, The New York Times reported.

So today's questions are these: Do you think reg relief will become law? If so, which provision will be most helpful to your bank? And, if you could add one provision to the bill, what would it be?

P.S. Here's a helpful summary of Sen. Crapo's bill and a concise analysis.

------------------------------
Barb Rehm
Promontory Interfinancial Network
Arlington VA
------------------------------