Washington, D.C (March 6, 2018)—With the Senate beginning to vote today on the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), the Independent Community Bankers of America® (ICBA) is reiterating its strong support for this pro-community bank legislation. The ICBA-advocated bill would stimulate local economic growth by providing much-needed relief to community banks while preserving vital consumer protections and effective regulatory supervision.
“S. 2155 offers common-sense relief for our nation’s nearly 5,700 community banks to promote localized lending and economic growth,” ICBA President and CEO Camden R. Fine said. “If you’re against S. 2155, you’re against community banks and the communities they support.”
S. 2155 includes numerous provisions from ICBA’s pro-growth Plan for Prosperity platform to:
- provide “qualified mortgage” status for portfolio mortgage loans at most community banks,
- exempt certain community bank loans from escrow requirements,
- simplify community bank capital requirements,
- create a short-form call report for use in the first and third quarters by certain well-rated community banks,
- expand eligibility for the 18-month regulatory exam cycle to more community banks,
- ease appraisal requirements to facilitate mortgage credit in local, rural communities,
- exempt most community banks from the Volcker Rule,
- expand access to the Federal Reserve’s Small Bank Holding Company Policy Statement to help more community banks build capital,
- improve regulatory treatment of reciprocal deposits and certain municipal securities, and
- provide relief for larger community banks, including higher asset thresholds for systemically important financial institution designations, and easing of stress testing and formal risk committee requirements.
“S. 2155 enjoys broad bipartisan support because it offers pro-growth relief for Main Street—not Wall Street,” said ICBA Chairman Scott Heitkamp, president and CEO of ValueBank Texas in Corpus Christi. “Any senator who supports their state’s community banks and believes in our mission to serve local communities should vote in favor of this critical legislation.”
S. 2155 has 26 bipartisan co-sponsors, including 13 Republicans, 12 Democrats and one Independent. For a comprehensive look at ICBA and community banker advocacy on behalf of this legislation, visit ICBA’s “Community Bankers Support S. 2155” webpage. For more information on what’s in S. 2155, view ICBA’s summary of the bill’s key provisions by asset size.
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.