Community Banks Win Big In House Committee

Here’s one other piece you might want to read this morning: Politico.com has a great story on a vote yesterday in the House Financial Services Committee that exempts credit unions and all but the largest community banks from being subjected to the requirements and oversight of the expected consumer financial protection agency. 

How did it happen? Consider that a sample e-mail the Independent Community Bankers Association of America suggested that its members send to Congress stated:  “My bank simply can’t absorb more fees and assessments, more paperwork and compliance costs, and further examinations from a new regulator.” As Tip O’Neill used to say, all politics is local.
 
The politico.com story is at http://www.politico.com/news/stories/1009/28361.html.