After announcing a bipartisan agreement this morning, the Senate is convening now to advance the economic stimulus package responding to the coronavirus outbreak. We at ICBA often say that our star shines brightest when we are in the midst of a challenge—just as community bankers do.
I want you to find comfort in knowing that ICBA has been there for you every step of the way, and every second of the day, to shape legislation in your favor and provide you what you need to continue to do what you do best—serve your customers and communities.
We do this because nobody loves community banking more than we do. We stand with you and on behalf of you when it comes to Washington advocacy. Nobody else in Washington can say that they exclusively represent community banks.
Because of that, we want you to know what stimulus policies in the bill we at ICBA have fought to include on your behalf. They include:
- Enhancing the Small Business Administration’s 7(a) loan program,
- Providing net-operating-loss tax relief,
- Ensuring robust FDIC deposit insurance coverage,
- Delaying implementation of the Current Expected Credit Losses accounting standard,
- Ensuring coronavirus-related loan modifications are not classified by regulators as troubled debt restructurings, and
- Reducing the Community Bank Leverage Ratio from 9 percent to 8 percent during the COVID-19 national emergency.
In addition to ICBA advocacy in Washington, we are also your lead advocate when it comes to the media and getting important messages of confidence to consumers. ICBA continues reminding the media, consumers and community banking customers that insured deposits are safe and backed by the full faith and credit of the federal government through the FDIC.
To help you spread this important message as well, we created customizable news releases on ICBA’s Crisis Response and Preparedness Center, which offers a comprehensive array of resources on the coronavirus outbreak so you can stay up to date and focus on running your bank.
With the Senate voting today, we’ll continue to keep you updated on progress in Washington. If you have questions in the meantime, don’t hesitate to reach out. As a third-generation community banker, please know that I and Team ICBA are there for you when it matters most. It’s all part of our meaningful mission to create and promote an environment where community banks flourish.
Rebeca Romero Rainey
President and CEO
Independent Community Bankers of America