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ICBA Commends Congress for Passing Regulatory Relief

Washington, D.C. (October 2, 2006)—The Independent Community Bankers of America (ICBA) President and CEO Camden R. Fine praised the U.S. Senate for passing regulatory relief legislation (S. 2856) that includes three provisions from the ICBA-backed Communities First Act. The House unanimously passed the bill on September 27. Now that the bill has cleared the Senate, the President is expected to sign it into law.

"ICBA congratulates Congress for adopting legislation that will help community banks better serve their customers and communities. Community banks are the foundation of America's financial system and the economic engines of its communities. Lifting the yoke of unnecessary regulatory burden helps community banks better focus their resources on serving our nation's families, businesses and communities so that they continue to prosper and grow.

"ICBA has worked closely with congressional leaders, especially House Financial Services Committee Chairman Michael Oxley (R-Ohio) and Senate Banking, Housing and Urban Affairs Committee Chairman Richard Shelby (R-Ala.) in pushing this bill towards enactment. ICBA thanks them for their leadership and congratulates them on this momentous victory. "ICBA also extends special thanks to Reps. Jeb Hensarling (R-Tex.) and Dennis Moore (D-Kan) and Sen. Mike Crapo (R-Ohio) for their hard work in both crafting and moving this important bill forward.

"We're also indebted to Rep. Jim Ryun (R-Kan.) for introducing the Communities First Act in the House, and Sen. Sam Brownback (R-Kan.) for doing so in the Senate. Community bankers throughout our country are grateful for their support and efforts.

"Community banks fulfill a vital and important role in keeping our national economy strong and healthy. While ICBA heartily welcomes this legislation and the help it will provide community banks, we would have preferred a more comprehensive approach to provide the relief needed for community banks to truly enhance their mission within their communities. We will continue to work with future Congresses to enact additional regulatory relief and full enactment of the Communities First Act."