Washington, D.C (Jan. 9, 2018)—The Independent Community Bankers of America® (ICBA) today testified before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit on behalf of legislation to establish a more efficient financial regulatory regime. Robert Fisher, president and CEO of Tioga State Bank in Spencer, N.Y., expressed ICBA’s support for several bills to promote tiered and proportionate community banking regulations that will strengthen local economic growth and job creation.
“Community banks didn’t cause the financial crisis, and we should not bear the weight of overreaching regulation intended to address it,” Fisher said. “ICBA is strongly encouraged by recent, bipartisan momentum for community bank regulatory relief from both sides of the Capitol, and we are optimistic that meaningful relief will soon be signed into law.”
The fifth-generation community banker advocated the following bills, which include provisions recommended in ICBA’s pro-growth Plan for Prosperity regulatory relief 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 Home Mortgage Reporting Relief Act of 2017 (H.R. 4648), introduced by Reps. Tom Emmer (R-Minn.) and Randy Hultgren (R-Ill.), would provide temporary enforcement relief from new Home Mortgage Disclosure Act data collection and reporting requirements and restrict the CFPB’s ability to make the new data publicly available.
- The Community Bank Reporting Relief Act (H.R. 4725), also introduced by Rep. Hultgren, would provide for short-form call reports in the first and third quarters for banks with assets of less than $5 billion.
- The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), bipartisan legislation that has passed the Senate Banking Committee on a bipartisan vote, would provide robust community bank regulatory relief to strengthen economic growth and job creation.
ICBA thanks the sponsors of these pro-growth bills and urges lawmakers to take action on them for the benefit of local communities.
The Independent Community Bankers of America®, the nation’s voice for more than 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.