March 14, 2023
Washington, D.C. (March 13, 2023) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s announcement from the Federal Reserve.
“ICBA and the nation’s community banks commend the Federal Reserve for its announcement that Federal Reserve Vice Chair for Supervision Michael Barr is leading a review of the supervision and regulation of Silicon Valley Bank in light of its failure.
“We call on other agencies to similarly conduct thorough, transparent, and swift reviews on the regulation of this large financial institution, which was the 16th largest bank in the country at the time of its closure. Institutions like Silicon Valley Bank are vastly different than the community banks that operate under an entirely different business model, one that focuses on serving local communities via one-on-one relationships.
“To ensure the nation appropriately understands the Silicon Valley Bank closure, policymakers must distinguish large, risky financial institutions from the Main Street community banks that serve local consumers and small businesses.”
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 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.