The American Bankers Association, together with the Independent Community Bankers of America, wrote to Senate Appropriations Committee leadership today urging lawmakers to reject provisions included in the House appropriations bill for FY2018 that would bring the FDIC and the non-monetary functions of the Federal Reserve under the appropriations process. The groups noted that such a change would disrupt the current fee structure that banks have already incorporated into their business plans, potentially requiring them to divert additional resources away from serving customers.
“We are concerned that this change in the funding of bank supervision would potentially disrupt the currently stable and predictable supervisor fees that banks expect to pay,” the groups wrote. “This radical change would also carry the very real possibility of new fees and fee increases while bankers are bearing a sharp increase in regulatory compliance costs. The cumulative impact of these expenses will strain bankers’ ability to support economic growth and job creation.”