The Consumer Financial Protection Bureau has said that small banks may be exempt from a number of rules and regulations that the agency intends to implement soon for lending and financial institutions.
"The bureau will be considering two-tiered regulatory requirements and exemption thresholds as it writes regulations so that community banks will be able to conduct their business without overly burdensome regulatory requirements," the CFPB announced recently.
A community bank or other small lender, meaning ones with less than an undetermined dollar amount of assets, would potentially be exempt from a variety of rules handed out by the agency, according to HousingWire.
Richard Cordray, the new head of the agency, said the CFPB will conduct further analysis before making any decisions about which banks and lenders wouldn't need to abide by certain regulations. Specifically, he stated the agency will try to determine how regulations would impact banks with less than $10 billion in assets.
Alex Sanchez, president of the Florida Bankers Association, told Bloomberg possible relief for community banks would be a big development for the institutions.