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For Immediate Release
March 21, 2017
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Email: jsigmund@aba.com
Follow us on Twitter: @ABABankers

ABA Statement on Today’s EGRPRA Report

By Wayne Abernathy, ABA’s executive vice president of financial institutions policy and regulatory affairs

​     “Today’s results are clearly an improvement over the review conducted 10 years ago.  We appreciate regulators’ extensive consultation with the banking industry to better understand the specific regulatory burdens that make it harder for banks to serve their customers and communities. While many of the recommendations point to additional work before relief is realized, there have also been several tangible steps taken by the agencies. 
 
     “We’re grateful for the agencies’ ongoing efforts to streamline community bank call reports and their progress toward simplification of regulatory capital rules. The announcement also sets forth important simplifications in appraisal requirements. The agencies’ embrace of tailored regulation indicates that more can be done to ensure that regulations don’t constrain banks from meeting their customers’ needs.
 
     “This report is particularly timely in light of President Trump’s recent executive order initiating a thorough review of all financial regulation.  We’re eager to extend the good work of the EGRPRA process into this more detailed and comprehensive review as regulators work with Treasury to identify additional areas for improvement and take action to make those changes a reality. 
 
     “We cannot have a regulatory system that adds regulations every year and reviews them every decade. Instead, reviewing and eliminating unnecessary regulations should be a continuous, ongoing effort by each banking agency. The agencies’ report lays the foundation for just such an approach.”
 
 
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The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.