FOR IMMEDIATE RELEASE
ICBA’s Fine Represents Nation’s Community Banks In Meeting with Treasury Sec. Geithner
Washington, D.C. (February 25, 2010)—Independent Community Bankers of America (ICBA) President and CEO Camden R. Fine met today with Treasury Secretary Timothy Geithner on behalf of the nation’s community banks to discuss financial regulatory reform. The meeting also included chief executives from other leading business and financial trade groups.
“ICBA thanks Secretary Geithner and the administration for continuing to include community banks in the dialogue on financial regulatory reform,” said Fine. “A wide range of issues were discussed and we are gratified that the Secretary’s views on too-big-to fail and resolution authority are closely aligned with ICBA. ICBA will continue to fight hard to hold too-big-to-fail institutions accountable for the risks they pose to our entire financial system and America’s taxpayers.”
ICBA has been a leading proponent of strong legislative and regulatory measures that would protect America’s financial system and taxpayers by holding accountable the systemically dangerous mega firms and unregulated nonbanks that were the root cause of the financial crisis. ICBA supports policies that address the overconcentration of the financial system and subject systemically dangerous firms to more rigorous regulations. ICBA is also the leading advocate calling for the FDIC to base its deposit-insurance assessment base on assets (minus tangible capital), not just domestic deposits, to ensure large firms shoulder their fair share of deposit-insurance premiums. Additionally, ICBA supports maintaining multiple regulators and closing the ILC loophole. ICBA also opposes the creation of a consumer financial protection agency with oversight of community banks, because consumer protection should not be separate from safety-and-soundness regulation; instead, they must coexist and be balanced for effective regulation.
ICBA looks forward to continuing to work with the administration and Congress to ensure that any financial regulatory reform measures strengthen the fabric of our entire financial system and the cities and towns our community banks so proudly serve.