The Senate Banking Committee approved ICBA-advocated legislation to provide significant regulatory relief to the nation’s community banks.
Following persistent outreach by ICBA and community bankers, the panel voted 16-7 to send the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) to the Senate floor.
In a message to community bankers, ICBA President and CEO Cam Fine said the successful bipartisan vote is a major step forward for the industry’s regulatory relief push.
ICBA and community banks showed they can achieve a bipartisan vote amid an acrimonious political environment and fend off amendments that would have watered down and jeopardized the bill, Fine wrote.
“Congratulations on this critical Senate step, community bankers,” Fine wrote. “We are almost to the finish line!”
The bill would implement numerous measures from ICBA’s Plan for Prosperity regulatory relief platform, including provisions to increase Home Mortgage Disclosure Act exemptions, expand the “qualified mortgage” definition, simplify capital requirements, provide relief for larger community banks, and much more.
The strong bipartisan vote followed S. 2155’s introduction by 20 bipartisan senators led by Senate Banking Committee Chairman Mike Crapo (R-Idaho) and committee Democrats Joe Donnelly (Ind.), Heidi Heitkamp (N.D.), Jon Tester (Mont.) and Mark Warner (Va.).
ICBA thanks community bankers for their grassroots outreach and will continue working with the industry to deliver the bill to the president’s desk to be signed into law.