Washington, D.C. (Dec. 7, 2021) —Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the withdrawal of Cornell University law professor Saule Omarova’s nomination to lead the Office of the Comptroller of the Currency.
“The withdrawal of Professor Saule Omarova’s nomination for comptroller of the currency following ICBA, community bank, and bipartisan Senate opposition exhibits the importance of community banks to Main Street communities and local economic growth.
“ICBA and state community banking associations took the rare step of publicly opposing a prudential banking regulator nominee because of Professor Omarova’s published scholarship and public statements advocating government allocation of capital and credit, ‘fully replacing’ private bank deposits, and ‘ending banking as we know it’—which would displace community banks, local communities, and small businesses.
“ICBA will continue standing up for community banks and the communities they serve by focusing on nominees’ public policy views to ensure they support ICBA’s mission of creating and promoting an environment where community banks flourish.
“ICBA looks forward to continuing to work with policymakers as the nomination process continues.”
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.