Washington, D.C (Oct. 6, 2017)—The Independent Community Bankers of America® (ICBA) welcomes today’s Treasury Department report on how to streamline U.S. capital markets regulations. The report includes several ICBA recommendations to reduce the excessive and unnecessary regulatory burdens affecting community banks and the communities they serve.
“ICBA supports the continued commitment of Treasury Secretary Steven Mnuchin and the Trump administration to reforming our regulatory system to help community banks spur economic prosperity,” ICBA President and CEO Camden R. Fine said. “We look forward to continuing to work with the White House, Treasury Department and Congress to fully address community bank overregulation and promote community-based lending and growth.”
Today’s Treasury report includes provisions from ICBA’s “Community Bank Regulatory Relief: A Roadmap to Economic Growth and Prosperity” white paper, which complements the association’s Plan for Prosperity regulatory relief platform. Some of the ICBA-advocated provisions included in the report would:
- amend the definition of “accredited investor” to expand the eligible pool of sophisticated investors,
- broaden the eligibility status for smaller reporting companies and non-accelerated filers, which have more time to file reports with the Securities and Exchange Commission, by raising the public float threshold from $75 million to $250 million, and
- exempt smaller reporting companies from detailed SEC compensation disclosures.
Today’s report follows the release in June of an ICBA-advocated Treasury report focused on comprehensive regulatory relief for community banks and other depository institutions.
The Independent Community Bankers of America®, the nation’s voice for more than 5,700 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.