FOR IMMEDIATE RELEASE
ICBA’s Fine Attends Presidential Signing of Wall Street Reform Bill
Washington, D.C. (July 21, 2010)-Camden R. Fine, president and CEO of the Independent Community Bankers of America (ICBA), represented the nation's community banks at a ceremony today in which President Obama signed the Wall Street reform bill into law.
"This is the most pivotal piece of financial legislation to be signed into law since the Great Depression. Historic legislation such as this Wall Street Reform bill signed by the President today comes along once in a lifetime," said Fine. "This financial and economic crisis clearly showed that we needed some reform to prevent this kind of catastrophe from ever again harming America's taxpayers and our communities. ICBA is particularly pleased that the law creates an important precedent by recognizing in statute that Main Street community banks are distinct and different from Wall Street megabanks."
While ICBA still vigorously disagrees with some sections of the final bill, several ICBA-advocated wins, such as changes in the FDIC assessment base, stricter oversight of too-big-to-fail institutions, the inclusion of non-bank financial firms under consumer-compliance regulations and important concessions for community banks, were included in the bill. These critical changes will allow community banks to continue to serve their communities and promote economic growth in their markets.
ICBA will work to fix problem provisions in the legislation and minimize any additional burdens on community banks as regulations are written and implemented.
For more information, visit www.icba.org.