On the recordDecember 1, 2016
We have before us a solution to regulation that causes real harm to an important financial institution, especially in my State, Zions Bancorporation, which supports the financial needs of many families and businesses throughout Utah and the Western States. Last year, Zions Bancorporation chairman and CEO, Harris Simmons, spoke about increased compliance costs his institution has to face as a result of the enhanced prudential standards requirements of the Dodd- Frank Act. Specifically, Zions has had to divert resources to add nearly 500 additional full-time staff to areas such as compliance, internal audits, credit administration, and enterprise risk management. Mr. Simmons also testified at the House Financial Services' Financial Institutions and Consumer Credit Subcommittee that these increased compliance costs are offset by reductions in other areas of the organization. Many of them are consumer-facing functions. In other words, Zions Bank had to move resources away from lending to customers and consumer service because of these extra regulations. Yet, Zions is one of the smallest SIFIs, with a business model centered on very traditional banking activities, primarily commercial lending with a particular focus on lending to smaller businesses. I support H.R. 6392. It allows banks like Zions Bank to get back to what they do best.
