FOR IMMEDIATE RELEASE
ICBA Applauds House Panel for Passing H.R. 3505
Reg Relief Bill Provisions Help America's Communities
Washington, D.C. (November 16, 2005) - The Independent Community Bankers of America (ICBA) applauded the House Financial Services Committee for adopting regulatory relief legislation (H.R. 3505) that includes five provisions from the ICBA-backed Communities First Act (H.R. 2061). The measure passed 67-0.
"In moving forward H.R. 3505, the House Financial Services Committee reaffirmed its commitment to communities all over America that depend on community banks as partners and for financial services," said David E. Hayes, ICBA chairman and president and CEO of Security Bank of Dyersburg, Tenn. "ICBA greatly appreciates the work of Reps. Jeb Hensarling (R-Tex.) and Dennis Moore (D-Kan.), who authored this bill, and the support of Chairman Mike Oxley (R-Ohio) and Ranking Member Barney Frank (D-Mass), for moving this important bill forward."
The ICBA-inspired Communities First Act, introduced in May by Rep. Jim Ryun (R-Kan.), provides regulatory and tax relief for community bankers and their customers. Five provisions from CFA were included in the Hensarling-Moore measure:
- Streamlining Call Reports
- Expanding eligibility for 18-month examination schedule for community banks up to $1 billion
- Short-form Call Reports in two of four quarters for certain community banks
- Expanding eligibility for the small bank holding company policy statement
- Exception to annual privacy notice requirement under the Gramm-Leach-Bliley Act
"ICBA will support this measure when it reaches the full House for a vote," added Hayes. "We look forward to working with Sen. Mike Crapo (R-Idaho) as he develops a comprehensive regulatory relief bill in the Senate to ensure provisions from CFA are included in the Senate bill."
For more information on the Communities First Act, visit www.icba.org.