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May 23, 2018
rebeca_romero_rainey-2018_150pxBy Rebeca Romero Rainey

Well, we did it community bankers! We banded together, worked tirelessly for years on end, and achieved substantial regulatory relief via passage of the Economic Growth, Regulatory Relief and Consumer Protection Act.

Give yourselves credit. This is a major achievement that few industries are capable of, especially in Washington’s hyper-partisan political environment. And the best part is that our efforts will benefit the customers and communities we serve—the very reason why we do what we do every day.

The landmark legislation was inspired by ICBA’s regulatory relief platform, the Plan for Prosperity. (Read ICBA’s summary for a full list of provisions.) It is the culmination of comprehensive efforts by ICBA and community bankers to advance our Plan for Prosperity policies. Our tireless advocacy 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. Most recently, ICBA delivered to the House a petition signed by more than 10,000 community bank employees and allies urging immediate passage of the bill.

But know this. While this law is an important breakthrough in our ongoing regulatory relief efforts—it is by no means the end of our journey for tiered and proportionate community bank regulation.

No matter what the issue may be—whether it’s the need for less burdensome regulations around Bank Secrecy Act requirements, Consumer Financial Protection Bureau overreach, or leveling the playing field with tax-exempt credit unions and the Farm Credit System—ICBA’s relentless advocacy will continue to ensure an environment where community banks flourish.

View ICBA's S. 2155 Timeline and Summary

Rebeca Romero Rainey is ICBA president and CEO.

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    Let's make '18 a year to remember in getting the free-loading credit unions on the tax rolls once and for all.

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