By 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.