ICBA to regulators: Ensure CRA reform minimizes new burdens

With FDIC Acting Chairman Martin Gruenberg telling Congress this week that he expects regulators to release a final rule modernizing Community Reinvestment Act regulations during the early part of next year, ICBA reiterated its call for the federal banking agencies to issue a uniform rule that minimizes new data collection and reporting burdens for community banks.

Reporting Burdens: In a national news release, ICBA said any major regulatory overhaul will inevitably create disproportionate implementation costs for community banks.

Tailored Rule: “Regulators should continue working to tailor CRA modernization, simplify compliance for community banks, and ensure their final rule meets the needs of all community banks and the communities they serve—as ICBA advocated in its August comment letter,” ICBA President and CEO Rebeca Romero Rainey said. Read more.