Washington, D.C (March 6, 2018)—The Independent Community Bankers of America® (ICBA) today thanked the House of Representatives for passing several pro-growth bills that will help community banks meet the needs of their local communities.
“ICBA thanks the House for passing much-needed community bank regulatory relief, which will promote economic and job growth in local communities,” ICBA President and CEO Camden R. Fine said. “These important bills will help ensure that community banks can continue supporting their local consumers and small businesses.”
The House passed the following bills inspired by ICBA’s Plan for Prosperity platform.
- The Portfolio Lending and Mortgage Access Act (H.R. 2226), introduced by Rep. Andy Barr (R-Ky.), would provide a “qualified mortgage” safe harbor for all loans held in portfolio for institutions under $10 billion in assets.
- The Comprehensive Regulatory Review Act (H.R. 4607), introduced by Reps. Barry Loudermilk (R-Ga.) and Josh Gottheimer (D-N.J.), would ensure that Economic Growth and Regulatory Paperwork Reduction Act regulatory reviews include the Consumer Financial Protection Bureau and occur every seven years rather than every 10.
- The Community Bank Reporting Relief Act (H.R. 4725), introduced by Rep. Randy Hultgren (R-Ill.), would provide for short-form call reports in the first and third quarters for banks with assets of less than $5 billion.
H.R. 2226 and H.R. 4725 are identical to provisions contained in the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) now being debated on the Senate floor. They join other House-passed bills that match provisions of S. 2155.
ICBA thanks the sponsors of these pro-growth bills and urges Congress to continue advancing them for the benefit of local communities.
The Independent Community Bankers of America®, the nation’s voice for nearly 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.