FOR IMMEDIATE RELEASE
ICBA Praises Reps. Miller and Moore for Proposing Amendment to CFPA
Provides Significant Relief to Main Street Community Banks
Washington, D.C. (October 15, 2009)—The Independent Community Bankers of America (ICBA) applauds Rep. Brad Miller (D-N.C.) and Rep. Dennis Moore (D-Kan.) for proposing an ICBA-backed amendment during the House Financial Services Committee mark-up of the Consumer Financial Protection Agency Act (CFPA), H.R. 3126, which will provide significant relief to community banks with assets under $10 billion.
“Our nation’s more than 8,000 community banks are relationship lenders that remain committed to serving their customers in a fair and honest manner,” said Camden R. Fine, ICBA president and CEO. “ICBA thanks Rep. Brad Miller (D-N.C.) and Rep. Dennis Moore (D-Kan.) for proposing this critical amendment, which recognizes community banks are responsible lenders that didn’t cause the financial crisis. ICBA appreciates Chairman Barney Frank (D-Mass.) for listening to community banks’ concerns and applauds the House Financial Services Committee for voting to include this amendment in the CFPA legislation.”
The Examination and Enforcement amendment addresses many of ICBA’s key concerns as they relate to the examination, enforcement and authority of the CFPA. In particular, the amendment will allow examinations, both compliance and safety and soundness, for banks with assets less than $10 billion to remain with the banking agencies and will bar the CFPA from assessing fees against these banks for purposes of funding the agency. Finally, the bank regulator, instead of the CFPA, will have primary authority to enforce violations of consumer laws.
ICBA also thanks Reps. Andre Carson (D-Ind.), Emanuel Cleaver (D-Mo.), Joe Donnelly (D-Ind.), Steve Driehaus (D-Ohio), Bill Foster (D-Ill.), Al Green (D-Texas), Ruben Hinojosa (D-Texas), Suzanne Kosmas (D-Fla.), Dan Maffei (D-N.Y.), Ed Perlmutter (D-Colo.), Gary Peters (D-Mich.) and Jackie Speier (D-Calif.) for their sponsorship of the amendment.
While the Miller/Moore amendment is a key step in the right direction, ICBA will continue to work with the committee during mark-up, and with the House and Senate, to make additional improvements to the bill so that community banks, which have always been the best protection for consumers, can continue to serve them in cities and towns throughout America.