Washington, D.C. (Sept. 23, 2021) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on President Joe Biden’s intent to nominate Saule Omarova for comptroller of the currency.
“ICBA and the nation’s community banks have concerns about Cornell University law professor Saule Omarova’s policy proposals to dramatically reshape the nation’s banking system.
“In academic papers, Professor Omarova has proposed migrating the retail banking system to the Federal Reserve, which would displace locally based community banking and restrict economic growth in local communities.
“Further, Omarova’s proposed government banking FedAccounts conflict with statements from Fed leaders, who have repeatedly said the Fed is not suited to offer direct accounts to consumers and is not legally permitted to do so.
“Given these and other policy prescriptions, ICBA has questions about Omarova’s ability to objectively oversee the national banking system and looks forward to working with policymakers as Congress addresses her nomination.”
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA 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.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.8 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org