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CBA Supports SIFI Designations Improvement Efforts
WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt released the following statement after the U.S. House of Representatives passed the Systemic Risk Designation Improvement Act of 2017 (H.R. 3312) introduced by Rep. Blaine Luetkemeyer (R-Mo.):
“The House took a significant step towards giving regulators the tools needed to safeguard our economy. Imposing regulations based on nothing more than an arbitrary number, as the Dodd-Frank Act requires, is a misguided approach to gauging an institution’s systemic risk. Regulators need the ability to make SIFI designations based on institutions’ underlying activities, which tells a much more accurate story.
“CBA would like to thank Congressman Luetkemeyer for his leadership and encourage Congress to pass this needed legislation, providing regulators flexibility to determine an institution’s systemic risk to our economic stability.”
NOTE: A copy of CBA’s letter of support is available here.
About the Consumer Bankers Association
The Consumer Bankers Association represents America’s retail banks above $10 billion in assets. We advance legislation and promote policies geared toward creating a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.6 million jobs in America, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans. Follow us on Twitter @consumerbankers.