FOR IMMEDIATE RELEASE
State Banking Groups Urge Congress To Advance Plan for Prosperity Regulatory Relief Measures
Washington, D.C. (June 3, 2013)— The Independent Community Bankers of America® (ICBA) and 37 state and regional associations representing the community banking industry today called on Congress to advance legislation to ease excessive regulatory burdens on the nation’s community banks. In a joint message to members of Congress, the organizations wrote that provisions in ICBA’s Plan for Prosperity legislative platform would promote a regulatory environment that will help community banks serve their communities.
“ICBA’s Plan for Prosperity is a platform of legislative proposals designed to provide much-needed relief for community banks to help them do what they do best—help Main Street communities grow,” ICBA President and CEO Camden R. Fine said today. “By relieving the nation’s community banks and the communities they serve from crippling regulatory burdens, Congress can make important strides toward boosting the economy and job growth across the nation.”
The ICBA Plan for Prosperity is a flexible legislative platform designed to ease excessive, redundant and costly regulations. Among its provisions, the Plan for Prosperity would:
- Exempt community banks from certain mortgage reforms to support the housing recovery
- Eliminate annual privacy notice redundancies to cut paperwork
- Ease municipal advisor registration burdens to help serve local governments
- Strengthen the industry’s voice with an assistant Treasury secretary for community banks
- Reform governance of the Consumer Financial Protection Bureau to ensure more balanced regulation
- Improve accountability in bank exams with a workable appeals process
- Offer relief from accounting and auditing expenses for publicly traded institutions
- Support mutual banks with new charter rules
- Require rigorous and quantitative justification of new regulations
- Support additional capital for small bank and thrift holding companies
- Cut the red tape in small-business lending
- Facilitate capital formation by reforming Subchapter S corporation regulations and extending the net-operating-loss carry-back.
The message to lawmakers exemplifies the widespread support for addressing continually increasing regulatory burdens and supporting tiered regulation. These burdens discourage new community bank charters and lead to further industry consolidation, which harms consumers and exposes taxpayers to the risk of additional bailouts.
For more information, visit www.icba.org.
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.