WASHINGTON-In a show of solidarity, the three major national bank trade associations sent a joint letter urging the Senate Banking Committee leaders to work toward meaningful financial services regulatory relief. "We are pleased that the Senate Banking Committee is poised to act on regulatory relief legislation in the near future," the American Bankers Association, America's Community Bankers, and Independent Community Bankers of America wrote. Each will have representatives testifying at the hearing March 1, as will NCUA, CUNA, NAFCU, and NASCUS. "We support a balanced regulatory structure that carefully guards the safety and soundness of the banking system and the interests of consumers through reasonable regulations. However, today banks are subject to a host of laws and regulations, some over a half-century old that do not enhance safety and soundness or provide any meaningful protections for the public." The letter continued, "The burdens of compliance with such laws add unnecessary costs to the operation of the banking system, stifle innovation and put up barriers to competition. Eliminating unnecessary regulations will free up resources that can be used to serve better the businesses and families that rely on the banking system for loans, investments and other financial services." They closed by encouraging swift passage of the legislation.