Washington, D.C. (Oct. 11, 2023)—Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s guidance from the Consumer Financial Protection Bureau.
“ICBA is reviewing today’s Consumer Financial Protection Bureau advisory opinion on customer account fees for banks over $10 billion in assets, which is another CFPB rulemaking that disregards the Administrative Procedure Act’s notice and comment standards.
“While today’s guidance purportedly recognizes community banks’ unique relationship-based business model, ICBA cautions that it must not interfere with community banks’ ability to serve their customers. Community banks work one-on-one with their customers and provide a wide range of products and services to meet their unique needs. Consumer protection is inherently part of their relationship banking business model and has been for generations.
“ICBA and community bankers will continue to work closely with the CFPB to ensure its rules recognize the community banking difference and do not intentionally harm these local lenders and the communities they work hard to serve every day.”
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.