Academic journal article ABA Banking Journal

When New Regs Come, You Won't Be on Your Own

Academic journal article ABA Banking Journal

When New Regs Come, You Won't Be on Your Own

Article excerpt

Five thousand is a big number no matter what you're counting. Unfortunately, it's the total number of pages of new regulations we expect to apply to traditional community banks as a result of the new Dodd-Frank Wall Street Reform and Consumer Protection Act.

How can small banks--such as the majority of ABA member banks with less than $165 million in assets--afford to hire the extra compliance staff they will need to cope with all of this? The obvious answer is that they cannot.

But what banks of every size and every charter can do is turn to ABA for help.

ABA's extraordinary people--our strong, deep bench of issue experts--make ABA your "go to" source for information and guidance on the new regulations. They have already been preparing for the steady stream of regulations that will be issued as a result of the new law.

ABA's Regulatory Reform Center is online at www.aba.com/RegReform to keep you informed on the rulemaking process and what it means to your bank. It's the site to visit for an analysis of the legislation, the deadlines to meet, and the key to finding the staff experts who can help. It's just one of the things ABA is doing to provide you with the detailed information you're going to need. And it's the place to find the tools to help you comply.

"Requests for comment" are a fundamental part of the federal rule-making process, and we intend to provide the regulators with specific comments to guide their rule-making. We expect to call on you to respond as well with comments on how proposed rules will affect your bank and your community. …

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