STATEMENT OF
JELENA MCWILLIAMS
CHAIRMAN
FEDERAL DEPOSIT INSURANCE CORPORATION
on
IMPLEMENTATION OF THE ECONOMIC GROWTH, REGULATORY RELIEF, AND
CONSUMER PROTECTION ACT
before the
COMMITTEE ON BANKING, HOUSING, AND
URBAN AFFAIRS
U.S. SENATE
September 13, 2018
538 Dirksen Senate Office Building
JELENA MCWILLIAMS
CHAIRMAN
FEDERAL DEPOSIT INSURANCE CORPORATION
on
IMPLEMENTATION OF THE ECONOMIC GROWTH, REGULATORY RELIEF, AND
CONSUMER PROTECTION ACT
before the
COMMITTEE ON BANKING, HOUSING, AND
URBAN AFFAIRS
U.S. SENATE
September 13, 2018
538 Dirksen Senate Office Building
1
Chairman Crapo, Ranking Member Brown, and members of the Committee, thank you
for the opportunity to testify today on, the Economic Growth, Regulatory Relief, and Consumer
Protection Act (the “Act”), which was signed into law on May 24th. I want to congratulate
Chairman Crapo and other members of the Committee who worked hard to craft this strong,
bipartisan legislation, and former Chairman Shelby for his prior work in the area. The Act
includes a number of directives that will help reduce the regulatory burden on small banks, while
preserving the ability of financial regulators to ensure the safety and soundness of banks and the
banking system. The Act also makes significant progress in appropriately tailoring regulations to
the size and risk profile of particular institutions, especially with respect to small banks.
When I testified during my confirmation hearing, I told you that one of my top priorities
would be the health of the Nation’s community banks and their ability to effectively serve their
communities. Community banks play a pivotal role in their local economies, and our regulatory
regime must do what it can to ensure their continued vitality. Implementation of the Act will
play a key role in delivering on this priority.
My testimony will describe actions that the FDIC has taken or plans to take to implement
the Act’s reforms, along with a description of other initiatives and priorities aimed at rightsizing
the regulatory requirements for community banks.
Chairman Crapo, Ranking Member Brown, and members of the Committee, thank you
for the opportunity to testify today on, the Economic Growth, Regulatory Relief, and Consumer
Protection Act (the “Act”), which was signed into law on May 24th. I want to congratulate
Chairman Crapo and other members of the Committee who worked hard to craft this strong,
bipartisan legislation, and former Chairman Shelby for his prior work in the area. The Act
includes a number of directives that will help reduce the regulatory burden on small banks, while
preserving the ability of financial regulators to ensure the safety and soundness of banks and the
banking system. The Act also makes significant progress in appropriately tailoring regulations to
the size and risk profile of particular institutions, especially with respect to small banks.
When I testified during my confirmation hearing, I told you that one of my top priorities
would be the health of the Nation’s community banks and their ability to effectively serve their
communities. Community banks play a pivotal role in their local economies, and our regulatory
regime must do what it can to ensure their continued vitality. Implementation of the Act will
play a key role in delivering on this priority.
My testimony will describe actions that the FDIC has taken or plans to take to implement
the Act’s reforms, along with a description of other initiatives and priorities aimed at rightsizing
the regulatory requirements for community banks.