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The Daily Ardmoreite
  • Inhofe budget amendment seeks to protect Oklahoma's community banks

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  • U.S. Sen. Jim Inhofe (R-Okla.) introduced an amendment to the Senate Budget Resolution for Fiscal Year 2014 that would prevent small-community banks from having to comply with international banking regulations intended for larger institutions:
     
    "Since the enactment of the Dodd-Frank Act, Oklahoma's small community banks have been entrenched in regulations that have caused their compliance costs to go up by as much as 40 percent," said Inhofe. "Now they are being threatened with unnecessarily higher capital standards from Basel III. This will further challenge small local banks' ability to deliver crucial financial services to their customers. Ultimately, it could drive them out of business or force them to be gobbled up by larger banks. My amendment aims to protect small banks from being further subjected to the onerous regulations written for larger institutions. Protecting the small community bank in turn protects American consumers from skyrocketing fees, too-big-to-fail institutions, and future bailouts."
     
    Roger Beverage, President and Chief Executive Officer of the Oklahoma Bankers Association added, “Oklahoma’s community banks serve Oklahoma consumers and communities. They are small banks that shouldn’t be subject to the strict capital requirements of Basel III international regulations. I want to thank Senator Inhofe for his leadership on this issue.”

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