PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

H.R. 1553: “Small Bank Exam Cycle Reform Act of 2015”

By at 27 July, 2015, 11:48 am

UPDATE: On October 6, 2015 the House passed H.R. 1553 by a vote of 404-0 (voted on suspension). On July 29, the House Financial Services Committee passed H.R. 1553 by a vote of 58-0.

 

The Honorable Scott Tipton

U.S. House of Representatives

Washington, DC  20515

 

Dear Representative Tipton:

On behalf of the Small Business and Entrepreneurship Council (SBE Council) and its more than 100,000 members, I am pleased to voice our support for the “Small Bank Exam Cycle Reform Act of 2015,” H.R. 1553.

Banks, credits unions, insurance companies, and other private corporations undergo periodic exams from state and federal regulators to ensure solvency and compliance.  While important, small businesses feel the effects of these costly exams while small firms in the financial services industry are competitively and unnecessarily impacted. Regulations play an important role, but the regulatory framework can be improved upon and scaled for smaller entities.

H.R. 1553 amends the Federal Deposit Insurance Act to increase the qualifying asset threshold for insured depository institutions eligible for 18-month on-site examination cycles from $500 million to $1 billion.  This important reform will maintain consumer protections and improve the regulatory review process.

SBE Council looks forward to working with you to advance H.R. 1553.

Sincerely,

Karen Kerrigan, President & CEO

 

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