Community Banks Archives - Americans for Financial Reform

Letter to Regulators: AFR Opposes SoFi’s Deposit Insurance Application

“…The essence of SoFi’s application is a request to seek the benefits of federal deposit insurance without subjecting SoFi itself or its private equity owners to the well-founded requirements for bank holding companies. The FDIC should not approve the application to facilitate this regulatory arbitrage. …If its application is granted, SoFi will be the first new ILC to secure deposit insurance in over a decade. That will send a clear signal to the marketplace that the FDIC intends once again to approve ILC deposit insurance applications. FDIC should not grant SoFi’s application and allow the ILC loophole to be revived.”

Congressional Testimony: Reject legislation to radically decrease bank oversight

“Americans for Financial Reform (AFR) appreciates the opportunity to provide this statement for the record of this Financial Institutions and Consumer Credit Subcommittee hearing, which considers several bills that would significantly undermine consumer financial protection and the safety and soundness of the financial system. Although the hearing is entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions,” the bills under consideration are not focused principally on community financial institutions. The most sweeping provisions of these bills apply to all institutions, many of which would radically decrease oversight of the nation’s largest banks and increase the risk of harm to the public.”

AFR Policy Brief: FDIC Report Contradicts Claims That Regulation Has Harmed Lending, Bank Earnings

“Hard data on bank earnings and lending should lay to rest any notion that financial regulations are holding back the American economy, or getting in the way of American banks making money. These claims are just an excuse to to dismantle hard-won protections for consumers and financial stability.”

Peter Skillern’s Congressional Testimony

Testimony of Peter Skillern, Executive Director Community Reinvestment Association of North Carolina United States House of Representatives Financial Institutions and Consumer Credit Subcommittee Wednesday, March 3, 2011 Thank you Representative Capito and Representative Maloney for the opportunity to speak with you on the impact of

Valley Community Bank Responds to Dodd-Frank

In a press release, the mid-sized California bank says the bill succeeded in standing up for Main Street banks: “Washington policymakers understood the difference between Wall Street and Main Street banking when they included important concessions for community banks in the new Wall Street Reform

Abusive Lending Practices by Smaller Banks and Thrifts

Download this information as a PDF. Provided by the Consumer Federation of America Over the years, many smaller banks and thrifts have adopted responsible, fair and sustainable mortgage lending practices. Small banks and thrifts that offer trustworthy credit and payment products should face a lower