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NEW JERSEY BANKERS ASSOCIATION PRAISES CONGRESS ON REGULATORY ACTION

 PRINCETON, N.J., Sept. 22 /PRNewswire/ -- The chairman of the New Jersey Bankers Association (NJBA) today praised the U.S. Senate Banking Committee's passing of major legislation designed to provide more balance in the way banks are regulated.
 "We're very pleased with the legislation released yesterday by the Senate Banking Committee," said John G. Collins, NJBA chairman and vice chairman, UJB Financial Corp., Princeton. "While a modest first step, the bill addresses many of the concerns raised by our NJBA Federal Regulatory Task Force, and we look forward to continued positive action when it faces a vote by the full Senate.
 "The bill, called the Community Development, Credit Enhancement and Regulatory Improvement Act of 1993 (S-1275), combines the basic tenets of President Clinton's community development bank proposal, which will continue to involve many of the nation's smaller banks," said the NJBA chairman.
 The bill also seeks to make a number of changes designed to reduce unnecessary bank regulatory burden and paperwork, including a provision to direct the federal banking regulatory agencies, namely the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corporation, to work together to remove duplicative requirements and regulatory inconsistencies.
 "Our NJBA Community Bankers Committee has expressed serious concerns with inconsistent examination standards," added Collins. "Under the provisions of this bill, the federal agencies would be required to develop a unified safety and soundness examination system within two years of the bill's enactment."
 In moving the bill ahead, Collins expressed hope that the full Senate, and later the House of Representatives, will resist the temptation to make substantive changes to it.
 "With regulatory reform as our chief priority, we hope that efforts to bog it down with controversial issues such as interstate branching, a rollback of bank insurance powers and added regulatory burdens will be thwarted," he said.
 Collins also commended Sens. Donald Riegle (D-Mich.), who chairs the Senate Banking Committee, and Alfonse D'Amato (R-N.Y.) for their sponsorship and efforts to make S-1275 a simple, focused bill.
 -0- 9/22/93
 /CONTACT: Kurt E. Schaub, director of communications, of the New Jersey Bankers Association, 609-924-5550/


CO: New Jersey Bankers Association ST: New Jersey IN: FIN SU: LEG

JM-MK -- PH026 -- 4806 09/22/93 15:16 EDT
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Date:Sep 22, 1993
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