Washington, D.C. (April 5, 2020)—The Independent Community Bankers of America (ICBA) sent a letter to U.S. Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza early this morning laying out urgent recommendations for the Paycheck Protection Program so that every community bank across the nation has the capability to access the system and help their customers during this critical time.
“At this time, nearly 48 hours after the Program went live, hundreds of lenders are still trying to get approval to access the SBA system so they can process loans,” ICBA President and CEO Rebeca Romero Rainey said in the letter. “I would like to share with you what we are hearing from out in the field and our urgent recommendations for ongoing adjustments and enhancements to the Program to improve access for all community banks.”
On behalf of the nation’s community banks and their 52,000 locations throughout rural, suburban and urban America, ICBA urged the following:
“We are fully committed to working with you to implement these recommendations and create a Program that will achieve its full potential,” Romero Rainey said. “I assure you that community bankers will make broad use of the Program if properly crafted and with the scale necessary for the historic task at hand.”
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 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.