Community Lending Enhancement and Regulatory Relief Act
Community bankers appreciate the need for sensible regulatory safeguards, but the burden should be tiered and proportionate. Community banks operate most effectively with lean staffs focused on local businesses and consumers. At a Main Street scale, there simply aren’t legal, compliance, and technological resources to cope with prescriptive regulations written for larger, more complex banks. When regulation is not appropriately calibrated to the size of a financial institution or the risk it poses to consumers or to the financial system, it threatens to drive further industry consolidation. Only a truly competitive financial services sector will foster entrepreneurship and economic prosperity. Industry consolidation, on the other hand, with drive up rates and fees and degrade customer service. This is true not only in small towns and rural areas, but in urban and suburban areas as well. The Community Lending Enhancement and Regulatory Relief Act of 2013 (CLEAR Relief Act) arose out of a close ICBA collaboration with Rep. Luetkemeyer (R-MO) in the House (H.R. 1750) and Sens. Jerry Moran (R-KS), Jon Tester (D-MT), and Mark Kirk (R-IL) in the Senate (S. 1349). These companion bills were forged out of ICBA's Plan for Prosperity. Both the Plan for Prosperity and the CLEAR Relief Act seek to put forth an adaptable regulatory relief package that rebalances the unsustainable regulatory burden on community banks. Forty state associations to date have endorsed the CLEAR Relief Act of 2013.
ICBA’s Plan for Prosperity: A Regulatory Relief Agenda to Empower Local Communities
ICBA’s Plan for Prosperity, which has been endorsed by 38 state and regional associations representing the community banking industry, provides targeted regulatory relief that will allow community banks to thrive by doing what they do best – serving and growing their communities. By rebalancing unsustainable regulatory burden, the Plan will ensure that scarce capital and labor resources are used productively, not sunk into unnecessary compliance costs, allowing community banks to better focus on lending and investing that will directly improve the quality of life in our communities.
The Plan for Prosperity is not a bill; it is a platform of legislative priorities positioned for efficient advancement in Congress. The provisions could be introduced in Congress individually, collectively or configured in whatever fashion suits interested members of Congress. Many of the provisions are already moving through Congress.
Advocate for a specific provision of the Plan
Remove S Corp Constraints & Extend NOL Carryback
Eliminate Redundant Privacy Notices
Create Accountability for Overzealous Bank Examiners
Eliminate Municipal Advisor Registration
Correct SEC Shareholder Deregistration Oversight
Require Quantitative Justification of Burdening Regulations
Eliminate Commercial Lending Data Collection Requirements
Plan for Prosperity Advocacy Resources
ICBPAC, a top financial advocacy political action committee, contributed $1.8 million to federal candidates for the 2011-12 election cycle, strengthening the community banking industry’s reputation in Washington. Supported by thousands of community bankers, ICBPAC is a vital part of Be Heard.