Washington, D.C. (March 21, 2017)
—Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine released this statement on the federal banking regulators’ joint report to Congress under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA).
“ICBA is deeply disappointed by today’s statutorily required EGRPRA report to Congress, in which the federal banking agencies have failed to address the overregulation of community banks that is harming local communities. The nation’s community banks strongly support targeted regulatory relief for community banks and their customers, but far more substantive relief is needed to promote lending and economic growth.
“Today’s report falls far short of making the substantial impact on regulatory burden that ICBA has advocated in several comment letters and meetings since this EGRPRA review launched nearly three years ago. Regulators have said at these meetings that if they don’t advance real and substantive relief under this EGRPRA review, then they will have failed. Today’s report clearly shows that they have.
“The EGRPRA mandate requires the agencies to thoroughly review each regulation and eliminate those that are outdated, unnecessary or unduly burdensome. While today’s report rightfully proposes simpler capital rules and relief from appraisal requirements, much of the report simply recaps initiatives already required by Congress.
“Rather than merely paying lip service to regulatory relief, ICBA looks forward to continuing to work with Congress and the Trump administration to implement meaningful reforms—including via our Plan for Prosperity—that will truly benefit local economic and job growth.”
The Independent Community Bankers of America®, the nation’s voice for more than 5,800 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.