Community banks reported a 10% first-quarter increase in net income from the previous quarter and an 8.5% increase from the previous year, according to the FDIC’s latest Quarterly Banking Profile.

After a new acquisition of a tax-paying community bank in Arizona by a tax-exempt credit union, ICBA said the need for policymaker action is urgent.

President Donald Trump said he is working to take Fannie Mae and Freddie Mac out of conservatorship while maintaining an implicit government guarantee on their obligations and securities.