FOR IMMEDIATE RELEASE
ICBA Commends FDIC and Federal Reserve for Ensuring Living Wills Are More Than Just a ‘Paper Exercise’
Washington, D.C. (August 6, 2014)—Camden R. Fine, president and CEO of the Independent Community Bankers of America® (ICBA) today commended the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve for their diligence in making sure that the Living Wills submitted by the eight largest banks are sufficient. Fine also applauded FDIC Vice Chairman Thomas Hoenig's statement regarding the inadequacy of the Living Wills recently submitted by the eight largest banks.
“ICBA commends the FDIC, Vice Chairman Hoenig and the Federal Reserve for ensuring that the Living Will process is more than just a paper exercise. We have all seen how badly community banks and their local communities suffer when the too-big-to-fail banks get into serious trouble and require government intervention.
“Yesterday’s remarks by Vice Chairman Hoenig articulate the case that these mega banks must submit realistic plans or we risk another terrible financial meltdown that will inflict great harm and suffering on our financial system, economy and particularly community banks and the customers they serve.
“ICBA has been the leading Washington, D.C. financial trade group to vigorously speak out to promote measures to ensure that no firm is too-big-to-fail and reverse the dangerous over concentration of financial assets into just a very few hands. We do so knowing that it is the right thing to do for our community banks, our economy and our nation. It is never wrong to do the right thing.”
ICBA will continue to work with Congress and financial regulators to address the problematic too-big-to-fail issue. For more information about too-big-fail and its impact on our economy, click here.
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 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.