Washington, D.C. (May 5, 2022) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey released the following statement on today’s interagency proposed rule to modernize Community Reinvestment Act regulations.
“ICBA and the nation’s community bankers are strong advocates for updating Community Reinvestment Act regulations to support fair, equitable, consistent, and transparent CRA implementation.
“ICBA — which exclusively represents the nation’s community banks — will formally review and comment on today’s proposal. While we are encouraged that the proposal would tailor CRA evaluations and data collection for community banks, regulators should ensure the plan meets the needs of all community banks and the communities they serve.
“Because CRA regulations and approaches are outdated and can serve as barriers to implementing the law’s mission, modernization should ultimately reflect banking industry changes, recognize the disproportionate reporting burden on community banks, and improve transparency.
“ICBA and community bankers look forward to fully reviewing and commenting on today’s interagency proposal and being part of this important discussion as we continue working with regulators on CRA modernization.”
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 roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding nearly $5.9 trillion in assets, over $4.9 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.