FOR IMMEDIATE RELEASE
ICBA Statement on Warren Being Named Assistant to the President
Washington, D.C. (September 17, 2010)-The Independent Community Bankers of America (ICBA) issued this statement today following President Obama's announcement naming Elizabeth Warren as assistant to the President. In this new role, Warren will be tasked with launching the new Consumer Financial Protection Bureau (CFPB).
"Our nation's nearly 8,000 community banks make customer care and customer service a top priority. It is the hallmark of community banking. That's why consumer protection has been and will remain the cornerstone to the way community banks do business.
"ICBA looks forward to working with Ms. Warren as she assumes her new responsibilities. While most community banks will be exempt from the CFPB's primary examination and enforcement authority, ICBA will work to ensure that as the new agency is organized its policies and regulations do not cause undue burden or unintended negative consequences for community banks.
"ICBA will work with Ms. Warren to continue urging stricter scrutiny over non-bank financial firms. Community bankers didn't participate in the high risk, off balance sheet Wall Street and non-bank financial firm business practices that led directly to the creation of this new agency. Community banks do not abuse consumers through deceptive mortgage or credit card practices, therefore they should not be saddled with new regulatory burdens. After all, a one-size-fits-all approach is not in line with the community bank "relationship" business model, which is focused on meeting the unique needs of local consumers."
For more information, visit http://www.icba.org/