Washington, D.C. (March 22, 2020)—Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued this statement on the coronavirus stimulus package that Congress and the Trump administration are developing.
“As policymakers currently negotiate economic stimulus legislation to respond to the coronavirus outbreak, ICBA and the nation's community banks have worked tirelessly all week and over the weekend to ensure critical reforms and resources are immediately made available to the nation’s community banks that will support the economy, small businesses and households, especially access to credit.
"ICBA-advocated stimulus policies include:
- enhancing the Small Business Administration’s 7(a) loan program,
- advancing net-operating-loss tax relief,
- ensuring robust FDIC deposit insurance coverage,
- delaying implementation of the Current Expected Credit Losses accounting standard,
- ensuring coronavirus-related loan modifications are not classified by regulators as troubled debt restructurings, and
- reducing the Community Bank Leverage Ratio from 9 percent to 8 percent.
"ICBA will continue working with Congress and the Trump administration to structure helpful reforms and swiftly enact legislation that will help community banks contain COVID-19's economic damage in communities across the nation."
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
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