Washington, D.C (Jan. 29, 2018)—Independent Community Bankers of America® President and CEO Camden R. Fine released the following statement on House passage of the Federal Savings Association Charter Flexibility Act of 2017 (H.R. 1426).
“ICBA thanks the House for passing pro-community bank legislation to create a new national charter option for federal savings associations. Under Rep. Keith Rothfus’ (R-Pa.) Federal Savings Association Charter Flexibility Act of 2017 (H.R. 1426), federal thrifts may elect to be regulated as Covered Savings Associations with authority to exercise the full range of national bank powers.
“Inspired by ICBA’s Plan for Prosperity regulatory relief platform, the charter option is also included as a provision of the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) pending in the Senate. This important policy will provide flexibility for institutions to choose the business model that best suits their communities—without having to go through the costly and complex process of converting to a national bank charter.
“ICBA will continue working with Congress and the Trump administration to enact this legislation on behalf of community banks and the communities they serve.”
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.