Securities and Exchange Commission internal control reporting requirements because smaller banks are already required to report to their bank regulators.

Testifying before the House Small Business Committee, Diane Casey-Landry, ACB president and CEO, said: “Community banks are part of a highly regulated industry subject to alternative requirements, heightening the need for relief from the unnecessary and duplicative burdens they face.” ACB was the only banking group to be invited to testify.

Casey-Landry explained that banks have 11 years of experience in filing internal control reports with their primary regulator and the FDIC, but now face the additional burden of costs and a second layer of internal control financial reporting required by section 404 of the Sarbanes-Oxley Act. “No other publicly traded company is subjected to the same scrutiny as a publicly trade bank,” she declared.

[1] Yahoo News: ACB Calls for Exemption of Community Banks From Requirements of Sarbanes-Oxley Act