A press release from Congressman Randy Hultgren:
House Passes Hultgren Legislation to Help Community Banks
“Washington needs to get out of the way so community banks can focus on meeting the needs of our communities”
Washington, DC —Today the U.S. House passed H.R. 4725, the Community Bank Reporting Relief Act, bipartisan legislation sponsored by U.S. Representatives Randy Hultgren (R-IL-14), Andy Barr (R-KY-6) and Terri Sewell (D-AL-7), without opposition.
The bill requires federal banking regulators to simplify reporting requirements for community banks.
Randy Hultgren
“I think we can agree that our federal banking regulators should have regular updates on the overall performance and health of financial institutions. However, this does not mean federal banking regulators need regular reports about every single data point on every single financial institution,” said Rep. Hultgren during floor debate.
“Washington needs to get out of the way so community banks can focus on meeting the needs of our communities.
“The role of smaller financial institutions is especially important in more rural areas, such as my district, where larger banks tend to not have as many branches.”
The Community Bank Reporting Relief Act urges regulators to provide regulatory relief for quarterly reporting requirements found in the Consolidated Reports of Condition and Income or the “Call Report.”
Banking regulators use data in the Call Report to monitor the safety and soundness, performance, and risk profile of each institution and to assess the overall condition of the banking system.
The report has grown from 18 pages in 1986, to 29 pages in 2003, to nearly 85 pages of detailed financial reporting today for some community banks.
The bill would allow banks with less than $5 billion in assets and that satisfy other criteria determined by bank regulators to submit an abbreviated report of their condition semiannually rather than every quarter.
Identical language can be found in the bipartisan Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155).
You do realize Randy, 13% of the entire country’s banks on the regulators ‘problem bank list’, are in Illinois (I know of one in McHenry County).
So how are you helping your constituents, by chopping regulators who have taken enforcement actions, on banks they have deemed likely to fail due to weak capital?
Isn’t this article a reprint from 2006?
Wow, this is such an important issue to all of us that I cannot believe we have survived this far without that bill!
Who in Congress made the report into 85 pages?
Did Cherokee Liz have a part in that along with Frank Barney?
When I got into the banking business almost 30 years ago, a home mortgage could be obtained with about 15 sheets of paper, and that included everything necessary from application through closing.
Real-estate transactions today require 400-500.
All due to increased regulations…. and yes, Mr. Frank and Mr. Dodd are largely responsible.
Liz not so much.
A bank commercial on radio which claims less red tape makes fun of other banks.
A woman from another bank asks a man asking for a mortgage to provide the hat size of his father.
Former FDIC chair Sheila Bair:
https://www.barrons.com/amp/articles/sheila-bair-the-roots-of-the-next-crisis-1520274446
Instead of wasting everyone’s time with crappola like this; Congress if they actually cared about this country or the people in it, would do something about this https://youtu.be/i2LO56RbkG4
Cindy 5:44 comment may be the greatest of all time.
This is exactly what is needed to ensure a healthy and active community bank system.
I’m glad Randy is ensuring the future of our banking system and providing relief to the small community banks