ICBA Capital Summit: Spring 2021 Legislative Priorities

April 01, 2021

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Community Banks: A Lifeline To Individuals & Small Business in the Pandemic Economy

  • Community banks provided 60 percent of first round PPP loans, serving many customers turned away by larger banks. Community banks made over 70 percent of first round PPP loans to minority-owned small businesses and women-owned small business, and over 60 percent of the PPP loans to veteran-owned small businesses. 
  • Community bank PPP lending saved 33.7 million jobs. 
  • Community banks stood by their customers during the crisis through forbearance and loan modifications. Banks delivered over 400 million economic impact payments valued at over $700 billion. 

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Close Dangerous Industrial Loan Company (ILC) Loophole To Avert Consumer and Systemic Harm

  • ILCs are the functional equivalent of full-service banks without appropriate federal oversight. Congress has left open a dangerous loophole in safety and soundness oversight now being exploited by large tech companies that will unfairly alter the financial landscape. 
  • Such a far-reaching change in the financial system and putting taxpayers at risk should be settled by Congress, not left to the discretion of the FDIC. 
  • We urge your support for legislation to close the ILC loophole and preserve America’s long-standing separation of banking and commerce. 

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Safe Harbor for Legal Cannabis Banking

  • It is critically important for public safety that cannabis-related businesses, as well as those businesses that provide ancillary services to such businesses, have access to the traditional banking system. 
  • Support the SAFE Banking Act (H.R. 1996/S. 910), which would create a federal safe harbor for banking legal cannabis-related businesses. 

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Tax Fairness To Promote Rural Prosperity

  • The prosperity of American farmers and ranchers is critical to rural economies. 
  • Support the ECORA Act (H.R. 1977), which will provide lower interest rates and better terms on rural loans by providing that interest on bank loans secured by farmland and homes in rural communities is tax exempt. 

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Congressional Review Of Tax Code And Agencies That Have Enabled Larger Credit Unions And Farm Credit Lenders

  • Oversight failures and permissive regulation at the National Credit Union Administration (NCUA) and the Farm Credit Administration (FCA) have created multi-billion-dollar institutions that are the functional equivalent of commercial banks, competing in the same markets, for the same customers, offering the same services. 
  • Support congressional review of the NCUA and the FCA and modernization of the tax code to restore a balanced and competitive financial landscape that protects consumers, serves small businesses, and enhances revenue for federal, state, and local governments.

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