Washington, D.C. (Aug. 29, 2017)
—The Independent Community Bankers of America® (ICBA) today called for regulatory flexibility to help community banks restore services in hurricane-affected areas as quickly as possible, and support the needs of their customers and communities impacted by Hurricane Harvey. In a letter
to Treasury, federal banking regulators and the Consumer Financial Protection Bureau, ICBA outlined several recommendations designed to ensure the continued flow of cash and payments throughout the hurricane-affected communities, and to promote short-term and longer-term recovery.
“Community bankers, as in past natural disasters, stand ready to assist their customers, including thousands of small businesses, stabilize and rebound financially as quickly as possible from the still-unfolding damage caused by the hurricane and attendant historical flooding,” said ICBA President and CEO Camden R. Fine.
ICBA urged the agencies to proactively work with community banks to meet these challenges and asked the agencies to assist with:
- maintaining public confidence in the safety and soundness of FDIC-insured institutions,
- assuring the liquidity and cash needs of community banks can be met,
- allowing for special clearing and settlement arrangements as needed,
- waiving certain compliance requirements to expedite provision of services to customers, and
- exercising regulatory flexibility to address safety and soundness concerns for past due and otherwise classified loans, and capital and corrective action requirements.
“With appropriate governmental action and support, community banks should be well-positioned to spur the recovery of their communities,” Fine said.
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.