Washington, D.C (Oct. 2, 2018)—The Independent Community Bankers of America® (ICBA) today called on regulators to quickly implement provisions of the ICBA-advocated Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), including simpler capital rules and short-form call reports for community banks. In a statement for today’s Senate Banking Committee hearing, ICBA thanked regulators for their prompt efforts to date on providing rules and guidance on the pro-growth law while noting that community banks eagerly await needed rules on remaining issues.
ICBA greatly appreciates Senate Banking Committee Chairman Mike Crapo (R-Idaho) for his oversight efforts to help ensure bank regulators are implementing S. 2155 promptly and as intended by Congress. Today’s hearing will feature testimony from FDIC Chairman Jelena McWilliams, Comptroller of the Currency Joseph Otting, Fed Vice Chairman for Supervision Randal K. Quarles and National Credit Union Administration Chairman J. Mark McWatters.
“ICBA and the nation’s community bankers thank the regulatory agencies for swiftly enacting many provisions of S. 2155, but additional action is required on several key provisions to help community banks unleash their full economic potential,” ICBA President and CEO Rebeca Romero Rainey said. “Providing highly capitalized community banks with relief from onerous capital rules and excessive reporting requirements will make a positive difference for local consumers and small businesses.”
Inspired by ICBA’s Plan for Prosperity regulatory relief platform, S. 2155 included a provision exempting well-capitalized community banks with less than $10 billion in assets from all risk-based capital requirements, including Basel III and its predecessors. It also requires regulators to create a short form call report for banks with assets of less than $5 billion to be filed in the first and third quarters of each year—a top ICBA priority for many years.
The ICBA-advocated law was signed in May after years of outreach by ICBA and community bankers. ICBA recently released a comprehensive matrix on the implementation of S. 2155 provisions affecting community banks. The matrix, ICBA’s Road to Regulatory relief digital timeline, and additional information on the law are available on ICBA’s “Passage of S. 2155” resource center.
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.