Washington, D.C (Jan. 24, 2018
)—A coalition of 43 state community banking associations affiliated with the Independent Community Bankers of America® (ICBA) today called on the Senate to take up and pass bipartisan legislation to stimulate economic growth by providing much-needed community bank regulatory relief. The coalition letter
urges senators to pass the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as quickly as possible and free of any amendments that would upset its bipartisan balance.
“S. 2155, a robust package of community bank regulatory relief measures, is a rare opening for real, impactful relief that will strengthen economic growth, job creation, and consumer protection,” the coalition wrote. “It is the culmination of years of collaborative effort to achieve consensus among members of Congress across the spectrum and community bankers in their home states and districts.”
This multipronged regulatory relief bill was driven by a bipartisan coalition of lawmakers, including Senate Banking Committee Chairman Mike Crapo (R-Idaho) and committee Democrats Joe Donnelly of Indiana, Heidi Heitkamp of North Dakota, Jon Tester of Montana and Mark Warner of Virginia. The bill, which passed the Senate Banking Committee last month on a 16-7 vote, currently enjoys support from 11 Republicans, 11 Democrats and one Independent.
The legislation includes provisions inspired by ICBA’s Plan for Prosperity regulatory relief platform to increase exemption thresholds for Home Mortgage Disclosure Act reporting, provide “qualified mortgage” status for portfolio mortgage loans at most community banks, and simplify community bank capital requirements, among many others.
ICBA looks forward to continuing to work with the Senate, House and Trump administration on advancing and enacting this important legislation.
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.