U.S. Senator Rob Portman Signs Letter to Support the Community Banking Industry

United States Senator Rob Portman has joined 50 other Senators in sending a letter to Chairman Ben Bernanke Chairman of The Federal Reserve System, Comptroller Tom Curry, Office of the Comptroller of the Currency and Acting Chairman Gruenburg at Federal Deposit Insurance Corporation on behalf of the community banking industry. The Senators strongly urge the Agencies to consider the impact that applying standards developed for large, complex institutions will have on the unique and vital role that community banks play within the U.S. financial system. The letter noted that, “Community banks are an important source of personal and business lending in communities across the country. In many areas, small institutions are the only ones that provide direct local services and have a stake in the success of their communities. These institutions are different from many larger institutions in size and scope, and we do not see the value in requiring them to adhere to regimes designed to manage larger and more complex risks.” CBAO appreciates Senator Portman’s understanding of how many new proposed regulations will harm community banks throughout Ohio and America.