In a recent American Banker article the chief executive of the Louisiana Bankers Association, Richard Taylor, argues persuasively the perspective of small and community banks, writing that financial regulatory reform should go beyond Dodd-Frank relief. He writes that besides Dodd-Frank there are “a host of onerous regulations and accounting standards along with an examination process that often seems devoid of collaborative problem-solving and at times unnecessarily heavy-handed.”

Taylor suggests that broader reform should:

  • Rationalize “the regulatory framework … in a way that results in cost savings to bank operations and enhances institutions’ ability to serve bank customers” and
  • “[R]ebalance the relationship between the examined bank and the bank examiner.”

Taylor identifies the Financial Choice Act as the best reform proposal so far at meeting these benchmarks, particularly praising its cost-benefit provisions, putting financial agencies under control of bipartisan commissions, requiring congressional approval for major finanial regulations and repeal of the Chevron doctrine. Channeling the president-elect’s campaign statement, he concludes, “[e]nactment of the Financial Choice Act would make working at and being a customer of a bank great again.” Some of these thoughts are also contained in the ICBA’s recent policy piece as well.