Washington, D.C (Jan. 18, 2018)—The Independent Community Bankers of America® (ICBA) today thanked the House Financial Services Committee for passing several pro-growth bills that will help community banks meet the needs of their local communities.
“ICBA thanks Chairman Jeb Hensarling and other members of the committee for again passing much-needed community bank regulatory relief, which will promote economic and job growth in local communities,” ICBA President and CEO Camden R. Fine said. “This important legislation will help ensure that community banks can continue supporting their local consumers and small businesses.”
The committee passed the following bills inspired by ICBA’s Plan for Prosperity platform.
- The Community Financial Institution Exemption Act (H.R. 1264), introduced by Rep. Roger Williams (R-Texas), would exempt community banks with less than $50 billion in assets from all prospective rules and regulations issued by the Consumer Financial Protection Bureau.
- The Federal Savings Association Charter Flexibility Act of 2017 (H.R. 1426), introduced by Rep. Keith Rothfus (R-Pa.), would create a new national charter option for federal savings associations.
- The Portfolio Lending and Mortgage Access Act (H.R. 2226), introduced by Rep. Andy Barr (R-Ky.), would provide a Qualified Mortgage safe harbor for all loans held in portfolio.
- The Comprehensive Regulatory Review Act (H.R. 4607), introduced by Reps. Barry Loudermilk (R-Ga.) and Josh Gottheimer (D-N.J.), would ensure that Economic Growth and Regulatory Paperwork Reduction Act regulatory reviews include the Consumer Financial Protection Bureau and occur every seven years rather than every 10.
- The Community Bank Reporting Relief Act (H.R. 4725), introduced by Rep. Randy Hultgren (R-Ill.), would provide for short-form call reports in the first and third quarters for banks with assets of less than $5 billion.
- The Small Bank Holding Company Relief Act (H.R. 4771), introduced by Rep. Mia Love (R-Utah), would raise the Federal Reserve’s Small Banking Holding Company Policy Statement asset threshold from $1 billion to $3 billion.
ICBA thanks the sponsors of these pro-growth bills and urges Congress to continue advancing them for the benefit of local communities.
The Independent Community Bankers of America®, the nation’s voice for nearly 5,700 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.