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ICBA Applauds House Passage of Regulatory Relief Bill

Measure Includes Five Provisions from Communities First Act

Washington, D.C. (March 8, 2006)—The Independent Community Bankers of America (ICBA) applauded the U.S. House of Representatives for passing, by a 415-2 vote, regulatory relief legislation (H.R. 3505) that includes five provisions from the ICBA-backed Communities First Act (H.R. 2061).

“In passing H.R. 3505, the House 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 House Financial Services Committee Chairman Mike Oxley (R-Ohio) and Rep. Spencer Bachus (R-Ala.) for moving this important bill forward."

H.R. 3505 includes five provisions from the ICBA-inspired “Community Banks Serving Their Communities First Act” to provide regulatory and tax relief for community bankers and their customers. The five provisions are:

  • 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.

With passage of this measure in the House, attention now turns to the Senate where Sen. Mike Crapo (R-Idaho) is developing a comprehensive regulatory relief bill expected to be marked up in the near future.