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ICBA Statement on House Passage of Key Reforms and Regulatory-Relief Measures

Washington, D.C. (November 2, 2011)—Sal Marranca, Independent Community Bankers of America (ICBA) chairman and president and CEO of Cattaraugus County Bank, Little Valley, N.Y., released this statement today following House passage of H.R. 1965, sponsored by Reps. Jim Himes (D-Conn.) and Steve Womack (R-Ark.).

“ICBA thanks the House for passing critical ICBA-advocated legislation that will help the nation’s more than 7,000 community banks access much-needed capital without incurring new regulatory burdens. This is the first set of key reforms and regulatory-relief measures from the ICBA-backed Communities First Act (H.R. 1697/S. 1600) to advance in Congress, a top priority for ICBA and the nation’s community banking sector.

“The vital measures passed today by the House will bring a much-needed boost to the economy by helping community banks continue to serve the needs of their small business customers, who drive economic stability and prosperity on Main Street. In particular, H.R. 1965 would raise the Securities and Exchange Commission shareholder registration threshold for banks and bank holding companies from 500 shareholders to 2,000. It also would increase the deregistration threshold from 300 to 1,200 shareholders. ICBA also supports S. 556, similar legislation in the Senate, sponsored by Sens. Kay Bailey Hutchison (R- Texas) and Mark Pryor (D-Ark.).

“ICBA will work hard to ensure Senate passage of these reforms and for continued bipartisan support of CFA.”

For more information, visit www.icba.org.