ICBA community banker Thomas Fraser—CEO of First Mutual Holding Co. in Lakewood, Ohio—testified on deposit insurance reform before the Senate Banking Committee on behalf of his banks.

Testimony: At the hearing, Fraser focused on the role of deposit insurance as an important safeguard for the financial system and consumers, and he distinguished community banks from the larger and riskier banks that failed earlier this year. He called on policymakers to rigorously assess the unintended consequences of making any deposit insurance policy changes.

Industry Differentiation: ICBA’s efforts to distinguish community banks from larger institutions have led to the FDIC’s ICBA-supported proposal to exempt community banks under $5 billion from paying any special assessment and to regulator pledges to target new capital standards to institutions with $100 billion or more in assets.