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ICBA Community Bankers Attend FDIC’s Advisory Committee on Community Banking

Washington, D.C. (October 15, 2010)-Five  member community bankers of the Independent Community Bankers of America (ICBA) attended the Federal Deposit Insurance Corporation's (FDIC) Advisory Committee on Community Banking roundtable yesterday. These members included Rebeca Romero Rainey, ICBA lending committee chairman and board chairman and CEO of Centinel Bank of Taos, Taos, N.M.; Charles G. Brown III, chairman and CEO of Insignia Bank in Sarasota, Fla.; Deborah A. Cole, president and CEO of Citizens Savings Bank & Trust Co. in Nashville, Tenn.; Craig M. Goodlock, chairman and CEO of Farmers State Bank in Munith, Mich.; and Bruce A. Schriefer, president of Bankers' Bank of Kansas, N.A., in Wichita, Kan. During the roundtable, community bankers and FDIC staff, including FDIC Chairman Sheila Bair, discussed the Wall Street Reform Act, deposit-insurance assessments, consumer protection, risk management and other key issues important to community banks.

"Our nation's nearly 8,000 community banks are pivotal to the economic stability and strength of our financial system, and community banks like mine continue to serve the needs of our customers on Main Street," said Romero Rainey.  "I'm glad the FDIC is so willing to listen to community bankers' concerns on important issues such as the Wall Street Reform Act since it is important that common-sense community banks aren't made to pay for the risky practices of those that caused the financial crisis." 

Among many issues, ICBA is working to ensure that the regulations implementing the too-big-to-fail provisions of the Wall Street Reform Act effectively rein in megabanks, particularly with respect to higher capital and liquidity requirements, so they never again have the ability to nearly topple our entire economic system.  ICBA is also working to ensure that regulations implementing the new assessment base (assets minus tangible equity), as provided for in the act, will result in significantly lower assessment rates for community banks so they can continue to lend capital in their communities.  Furthermore, ICBA continues to advocate strongly for a more measured approach from bank examiners that doesn't impede community banks' ability to aid recovery efforts.

 For more information, visit www.icba.org.