Community Banker Victory: President Signs S. 2155 into Law
Pro-growth law will help community banks of all sizes
Washington, D.C (May 24, 2018)—The Independent Community Bankers of America® (ICBA) today thanked President Trump for signing into law the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The new law will spur greater consumer access to credit and business lending in Main Street communities nationwide. The House passed the ICBA Plan for Prosperity-inspired legislation on Tuesday with a bipartisan 258-159 vote following the Senate’s 67-31 vote in March.
“This landmark law signed by the president today unravels many of the suffocating regulatory burdens our nation’s community banks face and puts community banks in a much better position to unleash their full economic potential to the benefit of their customers and communities,” ICBA President and CEO Rebeca Romero Rainey said. “While this new law will make a positive difference for community banks, there is plenty more work ahead of us to ensure a tiered and proportionate regulatory environment that will allow community banks and local communities to flourish."
As illustrated in a new digital timeline outlining ICBA’s road to regulatory relief, the new law was signed after years of outreach by ICBA and community bankers. ICBA’s tireless advocacy campaign included hundreds of meetings with policymakers on Capitol Hill and at the White House, tens of thousands of community banker messages to lawmakers, congressional testimony, joint state association letters, petitions, articles and op-eds. Most recently, ICBA delivered to the House a petition signed by more than 10,000 community bank employees and allies urging immediate passage of the regulatory relief bill.
“There are beneficial regulatory relief measures in this law for community banks of all sizes,” said ICBA Chairman Tim Zimmerman, CEO of Standard Bank in Monroeville, Pa. “We thank the president for signing this vital community bank regulatory relief legislation into law, along with the members of Congress who stood up for Main Street communities by supporting the bill. It will go a long way in helping community bankers like me serve the needs of our customers and communities.”
For more details about what’s in the bill, view ICBA’s summary.
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.