ABA Welcomes OCC Announcement of Actions to Ease Community Bank Regulatory Challenges

“We welcome the additional steps announced by the OCC today to ease the regulatory challenges faced by the nation's community banks. Today’s Bank Secrecy Act guidance recognizes the lower risk associated with traditional community banking activities and helps level the playing field for community banks by ending the Money Laundering Risk System data collection, a regulatory burden that fell exclusively on smaller institutions. Community banks and the customers and communities they serve will benefit from the OCC's new commitment to regulatory tailoring and risk-based supervision.

“In addition to today’s BSA changes, we also appreciate the OCC’s Request for Information on the challenges community banks face with core service providers, which has been an important area of focus for ABA's banker-led Core Platforms Committee. We look forward to working with the OCC to strengthen the bank-core relationship and ensure successful implementation of these important reforms.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $25.1 trillion banking industry, which is composed of small, regional and large banks that together employ over 2 million people, safeguard $19.7 trillion in deposits and extend $13.2 trillion in loans.

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