ABA, Trade Groups Send Letter on Shelby Reg Relief Proposal

ABA and other trade groups sent a letter to the committee on Friday thanking Senate Banking Committee Chairman Richard Shelby (R-Ala.) for drafting his regulatory relief proposal, describing it as an “important step toward addressing the statutory and regulatory obstacles that stymie banks and credit unions from more fully serving the diverse financial needs of American consumers.”

The committee is expected to vote on the proposal on Thursday. Many of the provisions in Shelby’s draft are included in ABA’s Agenda for America’s Hometown Banks.

ABA President and CEO Frank Keating discussed the Shelby proposal on Bloomberg Radio on Thursday. “We don’t want to repeal Dodd-Frank; we want to heal Dodd-Frank,” he said, adding that “Senator Shelby’s initial cut makes a lot of sense,” adding that many details remained to be hashed out in the legislative process.

He urged lawmakers to reduce unnecessary regulatory burdens on financial institutions “so they can lend money, not spend money on compliance.”