Washington, D.C. (Nov. 7, 2023)—Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s Federal Housing Finance Agency report on the Federal Home Loan Banks.
“While ICBA and the nation’s community banks review today’s report, we call on the FHFA to ensure any actions it takes on the Federal Home Loan Bank System do not disrupt this important source of liquidity for community banks.
“As the FHFA considers rulemakings, guidance, and legislative recommendations to improve the ability of the 11 FHLBs to fulfill their mission, the agency must not:
Compromise the system’s cooperative structure.
Allow participation by unregulated nonbanks.
Restrict large banks from membership.
Place additional restrictions on community bank members.
Consolidate the system without the grassroots leadership of its member-owners.
“ICBA looks forward to continuing to work with the FHFA to ensure the FHLB System remains a strong, stable, and reliable source of funding for community banks and the communities they serve.”
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.
As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at www.icba.org.