FOR IMMEDIATE RELEASE
ICBA Applauds Senate Passage of Regulatory Relief Bill
Measure Includes Three Provisions from Communities First Act
Washington, D.C. (May 26, 2006)—The Independent Community Bankers of America (ICBA) applauded the U.S. Senate for passing regulatory relief legislation (S. 2856) that includes three provisions from the ICBA-backed Communities First Act (S. 1526).
ICBA greatly appreciates the work of Sen. Mike Crapo (R-Idaho) for developing this bill, and the support of Senate Banking Committee Chairman Richard Shelby (R-Ala.) for his leadership in moving this important bill forward.
S. 2856 includes three provisions from the ICBA-inspired "Community Banks Serving Their Communities First Act" to provide regulatory and tax relief for community bankers and their customers. The provisions are:
- Direct Federal banking agencies to review call reports every five years to delete items that are no longer needed.
- Expanding eligibility for 18-month examination schedule for community banks up to $500 million.
- Increase the exemption from the management interlocks restriction to $50 million.
ICBA urges Congress to retain these provisions and, before it takes final action, encourages it to add additional provisions from CFA that would enable community banks to better serve their customers and their communities.