Washington, D.C. (May 4, 2017)—Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine issued the following statement on today’s House Financial Services Committee passage of Chairman Jeb Hensarling’s (R-Texas) Financial CHOICE Act of 2017 (H.R. 10).
“ICBA thanks the House Financial Services Committee for passing Chairman Hensarling’s Financial CHOICE Act, which advances ICBA-advocated community bank regulatory relief to enhance locally based economic and job growth. This ICBA-supported legislation includes many provisions in ICBA’s pro-growth Plan for Prosperity regulatory relief platform, such as common-sense reforms to burdensome and costly mortgage-lending requirements, relief from excessive and unnecessary call report and data-collection mandates, and a repeal of Durbin Amendment price controls on debit card interchange.
“Community bank regulatory relief is needed to improve lending and strengthen economic growth at the local level. While ICBA continues to have concerns with provisions that would alter the 10 percent concentration cap on deposits and liabilities at the nation’s largest financial institutions, we look forward to continuing to work with Chairman Hensarling and others in Congress to advance the Financial CHOICE Act and other regulatory relief measures that will help unleash the full economic power of the nation’s community banks.”
The Independent Community Bankers of America®, the nation’s voice for more than 5,800 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.