FOR IMMEDIATE RELEASE
ICBA Applauds Rep. Cardoza’s Proposal to Create Community Financial Institutions Treasury Post
Washington, D.C. (June 3, 2009)—The Independent Community Bankers of America (ICBA) today applauded Rep. Dennis Cardoza (D- Calif.) for introducing the Oversight for Community Financial Institutions Act of 2009, H.R. 2676, legislation that would create an Assistant Secretary for Community Financial Institutions within the Treasury Department. The creation of such a role will enhance the voice of our nation’s community banks within the Treasury Department.
“ICBA thanks Rep. Cardoza for this legislation that recognizes the critical role of our nation’s more than 8,000 community banks not only in cities and towns throughout America, but also in the broader context of the national economy,” said Camden R. Fine, ICBA president and CEO. “Creating an Assistant Secretary for Community Financial Institutions would ensure that community banks are given appropriate and balanced consideration in the Treasury policy-making process—something that is absolutely vital to the continued health and strength of our nation’s community banks and the communities they serve.”
The Assistant Secretary for Community Financial Institutions would advise and provide guidance to the Secretary of the Treasury on the impact of departmental policies and regulations on community financial institutions. The Assistant Secretary would also head an Office of Ombudsman for Community Financial Institutions, which would assist community financial institutions with their interactions with Treasury, including providing assistance with the Troubled Assets Relief Program (TARP) and other economic recovery programs.
During past administrations, community banks have found that economic and banking policies were often made without the benefit of community bank input. A more holistic policy approach that considers the diversity and breadth of the financial services industry would improve overall policy making for the industry.
ICBA urges other members of Congress to co-sponsor the Cardoza legislation and urges its swift passage.
For more information about ICBA, visit www.icba.org.