Letters to the Hill
Thirty-two State Groups Endorse Communities First Act
May 4, 2005
Honorable Jim R. Ryun
Dear Representative Ryun:
The undersigned state community banker associations, representing more than 5,000 community banks nationwide, wish to go on record in strong support of your bill, H.R. 2061, the "Community Banks Serving Their Communities First Act," and express our gratitude to you for sponsoring this important legislative initiative.
The "Communities First Act" is critically important to promote the economic viability of local communities nationwide. Numerous studies show that community banks are disproportionately burdened by unnecessary record keeping and regulatory requirements. These burdens divert important resources from supporting small businesses, local lending and community development initiatives. Under the crush of regulatory burden and disproportionately high taxes, many community banks are struggling to remain competitive in their local markets against lightly regulated nonbank financial institutions and huge tax-exempt credit unions and farm credit associations.
The Communities First Act will address these issues by providing badly needed regulatory burden relief and tax reform that will enable community banks to better focus their resources on serving the financial needs of their customers and their communities.
We commend you, Rep. Ryun, for your leadership role on behalf of our nation's community bankers, and pledge to work with you towards enactment of this important legislation.
The Community Bankers Association of Alabama