Washington, D.C. (Aug. 29, 2019)—Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the Federal Financial Institutions Examination Council's announcement on cybersecurity preparedness.
“ICBA welcomes the Federal Financial Institutions Examination Council's announcement emphasizing the benefits of using a standardized approach to assess and improve cybersecurity preparedness. As ICBA has long said, the regulatory agencies should not mandate the use of one cybersecurity assessment tool over another.
"By encouraging institutions to choose from various standardized tools aligned with industry standards and best practices to assess their cybersecurity preparedness, federal regulators have advanced a long-standing ICBA and community bank priority. Community banks are leaders in defending against cyber threats and use a multitude of cybersecurity frameworks, tools and assessments to secure their critical systems and safeguard customer data.
"ICBA looks forward to continuing to work with policymakers on collaborative approaches to mitigate cyber and data security threats."
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.