Engines of Our Economic Recovery
I recently lead a trade mission to the countries of Brazil and Chile and was pleased by the responses of our hosts to the prospect of doing more business in Pennsylvania. For the past two years my administration has been working hard to make Pennsylvania a more hospitable place to do business so we can see our economy grow and make jobs available for Pennsylvanians.
Likewise, community-focused banks here in Pennsylvania have been very receptive to this message, and I would like to spell out in more detail what this broad concept means for your very important sector of our economy. Community banks are absolutely critical to the commonwealth’s economic recovery and vitality. If Pennsylvania’s economy were an automobile, you are the engine that helps us get where we need to go. You provide needed capital and investing power to Pennsylvania consumers, businesses, and communities.
Secretary of Banking and Securities Glenn Moyer and I recognize that the banking industry is also undergoing significant and exciting changes, which make it absolutely necessary to update our banking laws to ensure that Pennsylvania banks can remain competitive. Since taking office in 2011, Glenn and I have been focused on reducing unnecessary regulatory burdens on state-chartered banks by conducting a thorough review of our current statutes and regulations.
Last fall, I was especially pleased to sign a package of three laws designed to update and modernize our banking statutes (House Bill 2368, House Bill 2369 and House Bill 2370). These laws will result in simplified lending provisions, removing conflicting and antiquated language governing lending, bringing the Department of Banking and Securities enforcement powers in line with most other states’ regulators, and repealing requirements for duplicative mortgage disclosures.
Read Governor Corbett’s full OpEd in May’s issue of Transactions. Aren’t a subscriber? Visit the Transactions page on this website or call PACB at 717-231-7447 to start receiving the magazine.