Washington, D.C (May 9, 2018
)—A coalition of 43 state community banking associations affiliated with the Independent Community Bankers of America® (ICBA) today called on the House of Representatives to take up and pass the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as quickly as possible. The coalition letter expresses strong support for the common-sense regulatory relief bill, which the Senate passed in March on a bipartisan 67-31 vote following years of activity in the House.
“S. 2155 bears the unmistakable stamp of numerous community bank regulatory relief bills that have advanced in the House in the 115th Congress and in prior Congresses,” the coalition wrote. “Years of hearings, debate, and deliberation in the House prompted the Senate to craft, debate, and ultimately pass S. 2155 as a bipartisan bill.”
The joint letter follows this week’s release of an ICBA petition of more than 10,000 community bank employees and allies urging immediate passage of S. 2155, which includes many House-passed provisions inspired by ICBA’s Plan for Prosperity regulatory relief platform. These would provide “qualified mortgage” status for portfolio mortgage loans at most community banks, simplify community bank capital requirements, provide common-sense relief from escrow and appraisal rules, and more.
“The nation’s community bankers are speaking out in favor of immediate passage of S. 2155 to strengthen economic growth and job creation in our local communities,” ICBA President and CEO Rebeca Romero Rainey said. “ICBA looks forward to continuing to work with members of the House to immediately pass community bank regulatory relief that can be signed into law by President Trump.”
View the joint letter here. View ICBA’s petition here.
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.