FOR IMMEDIATE RELEASE
ICBA Supports H.R. 1750 to Promote Regulatory Relief for Community Banks
Legislation Advances Provisions from ICBA Plan for Prosperity
Washington, D.C. (April 29, 2013)— The Independent Community Bankers of America® (ICBA) today expressed its support for new legislation that would ease excessive regulatory burdens on the nation’s community banks. H.R. 1750, sponsored by Rep. Blaine Luetkemeyer (R-Mo.), advances provisions in ICBA's Plan for Prosperity legislative platform to promote a regulatory environment that will help community banks serve their communities.
Relieving the nation's community banks and the communities they serve from crippling regulatory burdens is essential to helping our economy recover," ICBA President and CEO Camden R. Fine said. "H.R. 1750, which features high-priority provisions from ICBA's Plan for Prosperity, would make common-sense reforms to help our nation’s economy grow from the ground up. We strongly encourage members of Congress to support this important legislation."
H.R. 1750 would:
- Exempt community banks from a variety of new mortgage reforms, including new escrow rules, to support the housing recovery,
- Require rigorous and quantitative justification of new Securities and Exchange Commission rules,
- Reduce annual privacy notice redundancies to cut paperwork,
- Support additional capital opportunities for small bank holding companies, and
- Exempt community banks from Sarbanes-Oxley internal-controls assessment mandates.
The regulatory-relief provisions in H.R. 1750 are part of ICBA’s Plan for Prosperity legislative platform, which offers detailed policies to ease excessive, redundant and costly regulations to help community banks dedicate more of their resources to promoting economic growth. H.R. 1750 and the ICBA Plan for Prosperity help achieve a tiered approach to regulation for the community bank model to allow these lower-risk institutions better promote economic recovery and job growth in Main Street communities.
For more information, visit www.icba.org.
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.