Petition Against Basel III Attracts 15K Community Bankers

Thousands of community bankers and their allies have signed a petition calling for the exemption of community banks from proposed Basel III capital regulations.

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The ""Independent Community Bankers of America"":http://www.icba.org/ (ICBA) announced it has gathered nearly 15,000 signatures on a petition for those opposed to ""applying Wall Street regulations to Main Street community banks.""

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The ""petition"":http://www.icba.org/BaselIIIPetition/petition.cfm notes that proposed Basel III rules were originally intended as a standard for the largest, internationally active banks that contributed to the financial crisis. It also points out that applying ""excessive capital standards"" will limit lending, investment, and credit availability in Main Street communities, threatening the economic recovery.

""The community banking industry has spoken--regulators' approach to Basel III capital rules will have a negative impact on Main Street communities,"" said ICBA president and CEO Camden R. Fine. ""These proposed capital standards were designed to reduce the risks posed by the large and complex financial institutions that contributed to the worst financial crisis since the Great Depression. Applying overly complex capital rules on community banks will fuel concentration in the banking industry, leaving small businesses and consumers with fewer banking options.""