Washington, D.C. (June 23, 2022) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the House Financial Services Committee’s passage of the Close the ILC Loophole Act (H.R. 5912).
“ICBA and the nation’s community banks strongly support the Close the ILC Loophole Act (H.R. 5912) and thank Reps. Chuy Garcia (D-Ill.) and Lance Gooden (R-Texas) for introducing this important legislation.
“The industrial loan company loophole allows certain financial institutions and their parent companies to skirt regulatory oversight—threatening the financial system, endangering consumers and the economy, and creating an uneven regulatory playing field. The Close the ILC Loophole Act would support a safe and sound financial system while protecting the longstanding U.S. policy separating banking and commerce.
“ICBA and community bankers will continue working with policymakers to advance this much-needed legislation in the full House.”
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.