I've been saying this week that the ICBA and community banking star shines brightest during a challenge. Today's House passage of the coronavirus stimulus bill with ICBA-advocated provisions—sending it to President Trump to be signed into law—proves that once again to be true.
While you have stood strong for your customers and communities, ICBA has been standing strong in Washington to shape and advance this critical legislation to support you during this uncertain time.
ICBA-advocated provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act—which ICBA details in a new bill summary—include:
- Enhancing the Small Business Administration’s 7(a) loan program,
- Providing net-operating-loss tax relief,
- Authorizing robust FDIC deposit insurance coverage for transaction accounts,
- Delaying implementation of the Current Expected Credit Losses accounting standard,
- Ensuring coronavirus-related loan modifications are not classified by regulators as troubled debt restructurings,
- Reducing the Community Bank Leverage Ratio from 9 percent to 8 percent during the COVID-19 national emergency, and
- Funding USDA Commodity Credit Corporation support for livestock and specialty crop producers.
In our national news release, we thanked policymakers for finalizing these critical measures and resources that support the economy and provide access to credit. Our thanks also go to you for being the guiding light for local communities amid this current challenge.
ICBA will continue to provide additional details and as much information as we can — as soon as we can — on the issues of importance to community banks. Meanwhile, ICBA will continue to keep you informed of the latest updates and resources on COVID-19 via our daily NewsWatch Today email and our Crisis Response and Preparedness Center.
While you are fighting for your customers and communities, know that ICBA will always be there doing the same for you. From our entire ICBA family to you and yours, we thank you for your service to our nation and wish you good health and safety as we persevere through this challenge.
Rebeca Romero Rainey
President and CEO
Independent Community Bankers of America