Academic journal article ABA Banking Journal

Red Tape Relief Still Needed

Academic journal article ABA Banking Journal

Red Tape Relief Still Needed

Article excerpt

With so much attention focused on financial modernization and credit unions, other legislative efforts may go unnoticed. Further red-tape relief for the banking industry-a major focus for several key senators--continues as a top priority for ABA. In a Senate Banking Committee hearing, Stephen A. Yoder, executive vice president and general counsel at AmSouth Bank, Birmingham, Ala., commended Republican Senators Richard C. Shelby (Ala.) and Connie Mack (Fla.) for their leadership on the issue.

Yoder used his own bank to illustrate the costs of federal red tape: "AmSouth spends in excess of $5 million annually to comply with government regulation. Twenty people in our organization are devoted strictly to regulatory compliance, and about one-third of my time as general counsel is taken up with compliance issues," Yoder told the senators. He continued, "We are fortunate that we have staff to do this. Many smaller banks do not. There are nearly 4,600 banks in this country with fewer than 25 employees and1,300 banks with fewer than 10 employees. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.