FOR IMMEDIATE RELEASE
ICBA Unveils First in Series of Animated Videos Explaining The Wall Street Reform Act and Its Impact on the Community Banking Industry
Project Heralds New Recognition of Distinct Community Banking Model
Washington, D.C. (November 18, 2010)- The Independent Community Bankers of America (ICBA) unveiled today an animated video designed to explain the historic Wall Street Reform and Consumer Protection Act of 2010 and the important new distinctions the law has made between community banks and larger financial institutions. The video is the first in a series ICBA is creating to help define the new law and its impact on community banking.
The video points out that, "As community bankers, we have always known that not all banks are created equal. ICBA members were born on the Main Streets of cities and towns across our nation and have remained strongly connected to those communities."
For 80 years, ICBA has been the singular voice of the community banking industry. As the law was being considered and drafted, ICBA and its state community banking affiliates worked with Congress to ensure specific exemptions were included that recognize in statute that community banks operate differently than larger institutions. The video also points out policymakers sought out and continue to seek out ICBA for its input on how provisions in the law will affect community bankers.
"This new video should go a long way in helping Main Street community banks understand this complex new law," said Chris Lorence, ICBA senior vice president/chief marketing officer. "The video breaks a complicated concept into easily accessible ideas and really helps clear up all the misinformation surrounding this new law."
The video is just one of the many educational resources ICBA has developed to help its members understand the new law. In addition to this new video, the association's new YouTube video series, "Straight Talk about Wall Street Reform," features ICBA staff policy experts discussing key areas of the new law.