Washington, D.C. (March 25, 2020) — Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued this statement on the coronavirus stimulus package compromise reached today by Congress and the Trump administration.
“After working tirelessly to advocate for measures that help America’s households and small businesses, ICBA and the nation's community banks thank policymakers for including critical measures and resources in the stimulus deal that support the economy and provide access to credit.
"ICBA-advocated stimulus policies in the compromise legislation will:
- enhance the Small Business Administration’s 7(a) loan program,
- provide net-operating-loss tax relief,
- authorize robust FDIC deposit insurance coverage for transaction accounts,
- delay implementation of the Current Expected Credit Losses accounting standard,
- ensure coronavirus-related loan modifications are not classified by regulators as troubled debt restructurings,
- reduce the Community Bank Leverage Ratio from 9 percent to 8 percent during the COVID-19 national emergency, and
- fund USDA Commodity Credit Corporation support for livestock and specialty crop producers.
"ICBA will continue working with Congress and the Trump administration to swiftly enact this crucial legislation, which 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.
# # #