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Key Provisions for Community Banks Secured in Stimulus Bill
When I said earlier today that the ICBA and community banking star shines brightest in the midst of challenge, I had a feeling that I’d be able to follow up after the Senate vote with an update on important provisions that will help those who need it most.
Undoubtedly due to the tireless efforts of Team ICBA, community bankers secured key provisions in the stimulus bill that will help them continue to serve their customers and communities during this difficult time.
ICBA-advocated provisions include:
- Enhancing the Small Business Administration’s 7(a) loan program,
- Providing net-operating-loss tax relief,
- Authorizing robust FDIC deposit insurance coverage for transaction accounts,
- Delaying implementation of the Current Expected Credit Losses accounting standard,
- Ensuring coronavirus-related loan modifications are not classified by regulators as troubled debt restructurings,
- Reducing the Community Bank Leverage Ratio from 9 percent to 8 percent during the COVID-19 national emergency, and
- Funding USDA Commodity Credit Corporation support for livestock and specialty crop producers.
In our national news release, we thanked policymakers for including these critical measures and resources that support the economy and provide access to credit.
We also want to thank you for carrying the torch forward for your customers and communities. Nobody loves community banks like ICBA, and I know that nobody loves their customers and communities more than you do. While you are fighting for your customers and communities, know that ICBA will always be there doing the same for you.
We are all in this together, community bankers, and I couldn’t be prouder to represent you as we work to contain COVID-19's economic damage in communities across the nation. From our entire ICBA family to you and your families in your banks and at home, we thank you for your service to this great industry and wish you safety and health as we go through this difficult time.
Don’t forget to read ICBA’s NewsWatch Today every morning to stay informed of the latest updates on COVID-19 and visit our Crisis Response and Preparedness Center for additional information and resources. We are also offering another informational and interactive Community Bank Briefing webinar focused on the coronavirus pandemic this Friday and hope to see you there.
Rebeca Romero Rainey
President and CEO
Independent Community Bankers of America