Pennsylvania’s Community Banks are responding to urgent concerns about bank regulations on bank customers and consumers. The Rolling for Repeal motorcycle tour highlights the crippling costs Pennsylvania communities and consumers pay because of Dodd-Frank legislation (The Wall Street Reform and Consumer Protection Act of 2009) signed into law by President Obama.
Through Rolling for Repeal, Pennsylvania’s Community Banks began a movement that continues today. Initially, we toured the state on motorcycles in response to concerns about the negative impact restrictive bank regulations were having on customers and consumers. We crossed the Commonwealth advocating for regulatory relief, and got it. With bipartisan support the Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155) passed and our communities are stronger for it. We continue to roll to promote community banking and to secure financial access to every American, whether in rural valleys or urban neighborhoods.
Pennsylvania cannot afford to lose one more community bank due to misguided regulations. The intent of the 2,300 page “Wall Street Reform and Consumer Protection Act” was to reign in the risky, unethical practices of our nation’s largest financial institutions. FDIC statistics will prove that over the past 8 years the largest financial services companies (those over 1 trillion in assets) grew larger, which can easily be interpreted as posing a greater risk to our nation’s economy. The regulations have significantly strained Pennsylvania’s community banks by introducing an environment that forces mergers and threatens consumer options. Dodd-Frank has become a political litmus test to the two political parties in Washington, DC, but on Main Streets across America, the aftermath is fewer community banks and fewer consumer choices.
Many Pennsylvanians fail to realize the benefit of #BankLocal. Through the initial phase of our tour, the advocacy segment, it became clear to us that many residents suffer through economic hardship simply because they are not aware of the resources available to them at their local community bank (#BankLocal).
Community banks are dedicated to working with their customers to identify ways to achieve financial goals. While regulations may still prevent a bank from making a loan, a community bank can advise their customers about ways to secure funding within the regulatory system that governs a banks decision-making authority. While some large institutions say “no” to a loan application, a community bank might say “yes” or at least offer guidance to the consumer.
Over the past decade many Pennsylvania counties have lost their community banks. Today 15 counties have no headquartered bank within their borders, while another 15 only have one. We can’t afford to lose one more community bank.
The Rolling for Repeal tour continues to sound the alarm warning that Pennsylvania cannot afford to lose one more community bank. Our warning has been heard and the U.S. Senate has taken action. On March 14, 2018 the Senate passed pro-community bank legislation and urged the House to advance needed relief immediately. The bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) would bolster local economic and job growth by providing much-needed relief to Main Street community banks.
For additional information on S. 2155 please visit the ICBA’s website: CLICK HERE
FOR IMMEDIATE RELEASE
May 23, 2018
Contact: Nick DiFrancesco
Pennsylvania Association of Community Bankers
Pennsylvania Association of Community Bankers (PACB) Applauds US House Passage of S.2155 the Economic Growth Regulatory Relief & Consumer Protection Act
HARRISBURG, PA – Yesterday the U.S. House of Representatives passed S.2155 with bipartisan support. Nick DiFrancesco, President/CEO of Pennsylvania Association of Community Bankers said, “PACB applauds the passage of S.2155 Economic Growth Regulatory Relief & Consumer Protection Act in the US House of Representatives. Over the past decade, rural communities and the most economically depressed urban neighborhoods, like Coatesville, PA, have suffered through the loss of financial services because of Dodd-Frank’s collateral damage. S.2155 corrects the overreach of Dodd-Frank and keeps intense regulatory focus on the largest Wall Street banks. It is the people of Pennsylvania who benefit the most from this corrective legislation.”
Rolling For Repeal: An Effort To Educate by: Jeff Coleman
Of Bikes and Banks: On A Roll by: Diane McNaughton
Still on a Roll: Rolling For Repeal Roars On by: Diane McNaughton
Pennsylvania Strong: Community Banks and Consumers, 1, Red Tape and Over-Regulation, O. by: Diane McNaughton
Pocono Record, October 2, 2017: “Wall Street regulations limit local access to credit” by Howard Frank – READ THE ARTICLE
Sun-Gazette, October 20, 2017: “Traveling rally argues regulations too tough on institutions, consumers” by Mike Reuther – READ THE ARTICLE
Coatesville Today, May 4, 2018: “Coatesville Savings Bank to Serve as Stop on PACB’s Roll for Repeal Motorcycle Tour” by Ken Knickerbocker – READ THE ARTICLE
Parkland Press, May 16, 2018: “Biker-bankers seek to reform Dodd-Frank” by Stephen Althouse – READ THE ARTICLE
The Morning Call, May 23, 2018: “Community banks call bill rolling back some Dodd-Frank rules ‘relief for Main Street'” by Andrew Wagaman – READ THE ARTICLE
Erie News Now, July 18, 2018: “Community Bankers on Motorcycles Rolling for Repeal” – READ THE ARTICLE
The Record-Argus, July 20, 2018: “Leather-clad banking executives roll into town to promote community banks in Pa.” by Molly Moser – READ THE ARTICLE
PACB’s Facebook Page: PaCommunityBanks
PACB’s Twitter Account: @PaCommBankers
PACB’s Instagram Account: PaCommBankers
PACB’s YouTube Channel: PaCommunityBankers
PACB President/CEO Nick DiFrancesco’s Twitter Account: @PACB_Nick
PACB Chairman & JBT President/CEO Troy Peters’ Twitter Account: @TroyAPeters
Rolling For Repeal Hashtags: #RollingForRepeal, #bikeonasmile