Pro-growth law helps community banks and local communities
Washington, D.C (June 12, 2018)—The Independent Community Bankers of America® (ICBA) is calling on federal regulators to quickly issue regulations implementing the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act. In letters to the prudential banking regulators and the Bureau of Consumer Financial Protection, ICBA noted that the law contains numerous regulatory relief provisions that will help community banks expand access to credit and foster local economic growth.
“The landmark Economic Growth, Regulatory Relief and Consumer Protection Act includes numerous provisions that will allow community banks to unleash their full economic potential, so swift enactment is needed to support local communities now,” ICBA President and CEO Rebeca Romero Rainey said. “Inspired by ICBA’s Plan for Prosperity, this pro-growth law will make a positive difference for local consumers and small businesses. The faster it can be implemented by regulators, the better.”
While some provisions of the new law will take time to implement, such as measures simplifying capital rules and establishing a new community bank leverage ratio, many can be quickly enacted by simply revising existing rules. For instance, ICBA’s letters encourage the agencies to quickly issue regulations providing “qualified mortgage” and Home Mortgage Disclosure Act relief, implementing Volcker Rule and escrow exemptions, expanding access to the 18-month exam cycle and Small Bank Holding Company Policy Statement, and providing for a short-form call report in two quarters of the year.
As illustrated in a digital timeline on ICBA’s road to regulatory relief, the new law was signed after years of outreach by ICBA and community bankers. ICBA’s tireless advocacy campaign on behalf of the ICBA Plan for Prosperity-inspired law included hundreds of meetings with policymakers on Capitol Hill and at the White House, tens of thousands of community banker messages to lawmakers, congressional testimony, joint state association letters, petitions, articles and op-eds.
ICBA will continue working with policymakers on the swift implementation of the law as part of its ongoing push for comprehensive regulatory relief.
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.