Washington, D.C. (Feb. 6, 2024) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the start of the interagency review of federal banking regulations under the Economic Growth and Regulatory Paperwork Reduction Act.
“ICBA and the nation’s community banks commend the federal banking agencies for kicking off their latest regulatory review required by the Economic Growth and Regulatory Paperwork Reduction Act, though we encourage the agencies to advance more meaningful regulatory relief than they have enacted under previous reviews.
“ICBA was disappointed by the agencies’ 2017 EGRPRA report to Congress, in which the federal banking agencies failed to address the overregulation of community banks that harms access to banking services in local communities despite a three-year review. Community banks are significantly burdened by the cumulative weight of excessive regulation. In 2004, when the EGRPRA effort was first initiated, the banking agencies rarely issued regulatory proposals that exceeded 100 pages. Now it is almost routine. The nation’s community banks strongly support targeted regulatory relief for community banks and their customers to promote lending and economic growth.
“The EGRPRA mandate requires the agencies to thoroughly review each regulation and eliminate those that are outdated, unnecessary, or unduly burdensome. ICBA and the nation’s community banks look forward to working with the banking regulators as they conduct their latest statutorily required review.”
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 icba.org.