Sec. 2. Findings
117 words·~1 min read·
/bill/113/s/2242/is/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Congress finds the following: On October 3, 2013, Jerome H. Powell, member of the Board of Governors of the Federal Reserve System, told the Conference of State Bank Supervisors that community bankers, who played no part in causing the financial crisis, have been forced to fight to ensure that they are not swept up in the torrent of costly new regulations . The profitability, and even survival, of credit unions and community and independent depository institutions is threatened by the material rise in costs of compliance, which are largely driven by resources and personnel necessary to interact with a greater number of Federal regulators and respond to an ever-growing list of required reports and special data requests.