Bank group writes to Trump seeking less regulation for small institutions
- Futures flat as countdown to Trump's inauguration begins
- Netflix, Inc. (NFLX) Tops Q4 EPS by 1c; Subs Beat Views
- Apple (AAPL) PT Raised to $140 at BofA/Merrill Lynch; iPhone 8 Will be 'Super-Long' Cycle
- Morgan Stanley Upgrades Tesla Motors (TSLA) to Overweight
- Oil rallies from one-week low as IEA sees tighter market
U.S. President-elect Donald Trump and his wife Melania greet supporters at his election night rally in Manhattan, New York, U.S., November 9, 2016. REUTERS/Mike Segar
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
WASHINGTON (Reuters) - The leading U.S. banking trade group asked Republican President-elect Donald Trump on Wednesday to consider lightening regulations for smaller banks after he takes office in January.
The American Bankers Association wrote to Trump that high capital requirements and the costs of complying with rules "have forced some community banks out of product lines and others out of business, exacerbating a disturbing trend in consolidation."
The group also said Trump should consider working with the incoming Republican-controlled Congress on simplifying regulations for mortgages, reducing the role of the federal government in housing finance, expanding low-income tax credits and reinstating the national flood insurance program.
It called as well for increasing funds for small-business loans, changing the tax treatment of student loans, using regulation to help foster financial technology and increasing data security for financial services.
"More efficient regulation of banks and policies that make credit and debt more manageable for borrowers can increase the ability for all - lenders and borrowers alike - to participate in the credit cycle and generate economic growth and prosperity," the group wrote.
(Reporting by Lisa Lambert; Editing by Peter Cooney)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Institutional investors seen sticking with UK assets: survey
- New Brazil prison uprising leaves one dead, five injured
- Islamic State-linked militants release 2 Filipino hostages
Create E-mail Alert Related CategoriesReuters
Related EntitiesDonald J. Trump
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!