Washington, D.C. (May 20, 2020) — Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey released the following statement on today's Office of the Comptroller of the Currency final rule to reform Community Reinvestment Act regulations.
"ICBA and the nation's community banks appreciate regulatory efforts led by Comptroller of the Currency Joseph Otting to modernize the Community Reinvestment Act, whose mission of maximizing the availability of financial services and credit in local communities is the essence of community banking.
"ICBA supports provisions in today's Office of the Comptroller of the Currency final rule allowing community banks up to $2.5 billion in assets to remain under the existing CRA framework to avoid excessive burdens on these local institutions and a one-size-fits-all approach.
"However, while ICBA generally supports modernizing CRA regulations to enhance transparency and reflect banking industry changes driven by technology, community banks remain concerned that the new regulatory framework is too complex and would impose new and excessive data-collection costs that could inhibit their ability to serve local communities.
"Today's announcement by the Federal Deposit Insurance Corp. that it will not join the OCC in finalizing the agency proposal recognizes the outsized effort of community banks to support small business and families amid the COVID-19 pandemic.
"ICBA will fully review today's OCC final rule with our member community banks to assess how it will affect their ability to meet the needs of their communities, including low- and moderate-income individuals. And we look forward to continuing to work with all relevant regulatory agencies on the CRA modernization initiative."
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.
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