FOR IMMEDIATE RELEASE
ICBA Supports Bipartisan Senate Legislation That Promotes Regulatory Relief for Community Banks
Legislation Advances Provisions from ICBA Plan for Prosperity
Washington, D.C. (July 24, 2013)—The Independent Community Bankers of America® (ICBA) today expressed its strong support for new, bipartisan legislation that would ease excessive regulatory burdens on the nation’s community banks. The Community Lending Enhancement and Regulatory Relief Act of 2013, S. 1349, sponsored by Sens. Jerry Moran (R-Kan.), Jon Tester (D-Mont.) and Mark Kirk (R-Ill.), advances provisions in ICBA's Plan for Prosperity legislative platform to promote a regulatory environment that will help community banks serve their communities.
"Relieving community banks of the crippling regulatory burdens they face will go a long way towards eliminating burdensome red tape, which will allow community banks to keep deposits circulating throughout the community, leading to more jobs and a stronger economic recovery," Bill Loving, ICBA chairman and president and CEO of Pendleton Community Bank in Franklin, W.Va., said.
The regulatory-relief provisions in the bipartisan S. 1349 are part of ICBA's Plan for Prosperity legislative platform, which offers detailed policies to ease excessive, redundant and costly regulations to help community banks dedicate more of their resources to promoting economic growth. S. 1349 and the ICBA Plan for Prosperity help achieve a tiered approach to regulation for the community bank model to allow these lower-risk institutions to better promote economic recovery and job growth in Main Street communities.
S. 1349 would:
- Exempt community bank portfolio loans from a variety of new mortgage rules to support the housing recovery,
- Support additional capital opportunities for small bank holding companies, and
- Provide exemptions for community banks from Sarbanes-Oxley internal-controls assessment mandates.
S. 1349 has a similar companion bill in the House, H.R. 1750, which was introduced in April by Rep. Blaine Luetkemeyer (R-Mo.). That bill also has growing bipartisan support from members of Congress.
“This bipartisan legislation is key to unlocking the doors of local economic prosperity," ICBA President and CEO Camden R. Fine said. "As a former community banker, and one who represents the nation's community banks, I realize just how important regulatory relief is for community banks and the future of their communities. I urge the Senate to support this vastly important bipartisan legislation because it's a win-win for community banks and communities of all sizes throughout the nation."
For more information about ICBA’s Plan for Prosperity, visit www.icba.org.
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 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 www.icba.org.