Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the latest acquisition of a tax-paying community bank by a tax-exempt credit union.

ICBA urged Congress to reduce duplicative Gramm-Leach-Bliley Act requirements for community banks while modernizing the law to ensure nonbank entities are subject to equivalent consumer data privacy standards.

ICBA continues calling on community bankers to use its grassroots guide to submit comment letters on an ICBA-supported interagency request for information on mitigating payments fraud.