This past Thursday, Independent Community Bankers of America and staff met with Consumer Financial Protection Bureau representative in Washing D.C. to discuss concerns with data collection and reporting requirements being developed by the bureau.
Jack Barrett, president and CEO of First Citrus Bank along with three other ICBA community bankers explained the operational difficulties of collecting, maintaining and submitting burdensome data points required under Section 1071 of the Dodd-Frank Act disproportionately hinder community banks; adversely impacting small-business lending.
“We are one step closer to reducing this regulatory burden; liberating community banks to focus on lending and enhancing vibrancy in their communities,” said Jack Barrett.
ICBA’s Plan for Prosperity - is a pro-growth platform to eliminate onerous and unnecessary regulatory burdens that inhibit lending and innovation.
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