Washington, D.C. — Today, BPI filed a follow-up response to the European Commission’s recent Communication on bank competitiveness. Upon filing the response, Head of International Regulatory Policy Sam Riley issued the following statement:
“We welcome the Commission’s efforts to identify fragmentation and excessive complexity in the EU regulatory framework. The Communication rightly highlights several challenges affecting the competitiveness of the banking sector and sets out several constructive avenues for work. The diagnosis is correct, but the prescription should account for the cumulative effect of overlapping supervisory and regulatory measures on banks’ ability to support investment and growth. For example, the Communication does not adequately consider the international dimensions of competitiveness. Additional attention to those dimensions and to supervisory practices and reporting requirements would strengthen the package. As the Commission develops its proposals, policymakers should more clearly recognize that competitiveness challenges arise not only from legislation but from a variety of factors.”
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About Bank Policy Institute
The Bank Policy Institute is a nonpartisan public policy, research and advocacy group that represents universal banks, regional banks and the major foreign banks doing business in the United States. The Institute produces academic research and analysis on regulatory and monetary policy topics, analyzes and comments on proposed regulations, and represents the financial services industry with respect to cybersecurity, fraud and other information security issues.
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Bank Policy Institute
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