At the end of the day, it’s the customer who will pay the ultimate price if unbalanced regulations are allowed to continue. They say imitation is the greatest form of flattery, but when it comes to financial services, it doesn’t make for a fair banking environment. Just look at credit unions, trying to position themselves as “community” organizations without having to demonstrate that they meet Community Reinvestment Act requirements. Or Industrial Loan Companies, with holding companies not subject to bank compliance reviews. Or the Farm Credit System, which wants to compete with community banks but doesn’t want to be regulated like them. Or mega banks that are too big to fail, ensuring we pay the price with outsized regulation. The list goes on. We need a level playing field. As outlined in our recent report, “Finding Balance: How Well‑Intended Policies Hamper Small Business Lending and Undermine Relationship Banking,” the disproportionate regulatory burden created for individual community banks makes it nearly impossible to compete with those who can position their products and services free of regulatory constraints. They can avoid the heavy cost of compliance while ignoring the impact these imbalances have on our industry. Flourish LEVELING THE PLAYING FIELD BY REBECA ROMERO RAINEY, PRESIDENT AND CEO, ICBA 4 In Touch
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