Washington, D.C (Feb. 8, 2018)—The Independent Community Bankers of America® (ICBA) today thanked the House of Representatives for passing ICBA-advocated legislation that would raise the consolidated assets threshold under the Federal Reserve’s Small Bank Holding Company Policy Statement from $1 billion to $3 billion.
Introduced by Rep. Mia Love (R-Utah), Josh Gottheimer (D-N.J.) and Gregory Meeks (D-N.Y.), the Small Bank Holding Company Relief Act (H.R. 4771) would allow more community bank and savings-and-loan holding companies to raise capital to better serve their communities while maintaining safeguards that limit risk. Inspired by ICBA’s Plan for Prosperity regulatory relief platform, the provision is also included in bipartisan legislation pending in the Senate—the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).
“ICBA strongly supports this legislation to promote additional lending on Main Street by improving community bank and thrift access to capital,” ICBA President and CEO Camden R. Fine said. “ICBA and the nation’s community bankers strongly encourage the Senate to enact this legislation and other pro-growth reforms by passing S. 2155.”
S. 2155 is strongly supported by ICBA and 43 affiliated state community banking associations. In a recent letter, the coalition urged senators to pass the legislation as quickly as possible and free of any amendments that would upset its bipartisan balance. The multipronged regulatory relief bill, which was driven by a bipartisan coalition and enjoys strong bipartisan support, includes numerous provisions inspired by ICBA’s Plan for Prosperity platform to provide relief from mortgage, capital, and data-reporting rules, among others.
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.