Small banks can do more things without asking federal permission

Federal regulators are making it easier for small banks to get approval for certain business activities. Banks with less than $30 billion in assets will have fewer hoops to jump through for things like mergers or new branches.

Small banks have long argued that federal rules designed for giant institutions also apply to them. This proposal means they can now expand or merge without the same slow, expensive review process. It could help them compete better against larger banks.