Calling the rule "unnecessarily complex, restrictive, burdensome and costly," the Independent Community Bankers of America (ICBA) is urging the Securities and Exchange Commission (SEC) to substantially revise and reissue for public comment its rule implementing the securities title of the Gramm-Leach-Bliley Act.
In a comment Letter on the interim final rule, ICBA Chairman Robert Gulledge, chairman, president and CEO of Citizens Bank, Robertsdale, Ala., said the rule is incompatible with congressional intent to allow banks to continue to engage in traditional banking activities that involve securities transactions without registering as broker-dealers.
"The net effect of …
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