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ICBA Applauds Passage of Improved Disaster Response “Recover Act”

Washington, D.C. (April 18, 2007)—The Independent Community Bankers of America (ICBA) applauds the House of Representatives for the successful passage of the Recover Act of 2007 (H.R. 1361), a measure designed to reform the Small Business Administration's disaster lending efforts.

"This bill is a great start in improving disaster lending responsiveness," said James P. Ghiglieri, Jr., ICBA chairman and president of Alpha Community Bank, Toluca, Ill. "Community banks know their customers best and support them before, during, and well after a disaster strikes. The Recover Act is a good step in better integrating banks into SBA disaster lending by leveraging established relationships banks already have in their local communities."

ICBA appreciates the work of Chairwoman Nydia Velazquez (D-N.Y.) and Rep. Richard Baker (R-La.) for their work on the Recover Act.