Regulation places 'huge burden' on US community banks

Small community banks in the US face a “huge new regulatory burden” from planned financial sector reforms, according to the American Bankers’ Association (ABA).
   
The ABA says the reforms would add 27 new or expanded regulations to the sector, which is already struggling to survive the economic crisis. It says its members have complained about the difficulty of coping with the growing burden of regulation. “The massive overall burden is a threat to the future of community banks,” the ABA says