Today, the Regional Bank Coalition (RBC) and Mid-Sized Bank Coalition of America (MBCA) sent a letter to Congress urging their support in improving financial regulation to improve the economy.
“While the MBCA and RBC support a regulatory regime that encourages safety and soundness and protects consumers and the financial system, we also seek and are uniquely suited, to foster the much needed banking services that urban and rural communities in all 50 states need in order to create jobs. Many of Dodd-Frank’s provisions sap resources that we could instead deploy to extend credit and dynamically serve our communities. We face higher operational costs and are forced to divert capital and funding away from the products we offer and lending that helps businesses expand and create jobs. Rather than hiring loan officers and other customer-service providers, we have been compelled to reallocate our budgets and engage lawyers, quantitative modelers and banking consultants.”
To view the full letter, click here.