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Small banks seek waiver from new SEC rules

Small banks seek waiver from new SEC rules

by Rick Turoczy on April 6, 2005

The trade group Independent Community Bankers of America is asking the Securities and Exchange Commission to excuse banks with assets of less than $1 billion from complying with detailed internal financial controls recently set by federal law.

The average community bank would have to spend more than $200,000 to meet the internal financial control standards of the Sarbanes-Oxley reform law, according to a survey by the community bankers group, which has nearly 5,000 members.

The new requirements also are prompting small banks with publicly traded stock, including some in Wisconsin, to go private to avoid the expense of financial reports required by the SEC.

Small banks seek waiver from new SEC rules

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Anonymous April 8, 2005 at 1:09 pm

Given the taxpayer losses in the Savings and Loan and Savings Banks of the recent past, I believe all banks regardless of size or charter should be covered under the Sarbanes-Oxley Act. Banking is critical to an dynamic economy and trust/confidence in financial data given to depositors, investors, creditors shareholders is paramount. SOX puts teeth into compliance much more than existing specific bank related law.

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