|Letter on Revised Stablecoin Draft Legislation||House Financial Services Committee||05/05/23|
|Letter Offering Community Bank Perspective on Stablecoin Legislation||House Financial Services Committee||04/19/23|
|Support for House Central Bank Digital Currency Anti-Surveillance State Act||Rep. Tom Emmer||03/08/23|
|Letter on ICBA Lame Duck Agenda||Senate, House||11/17/22|
|State Letter Opposing Credit Card Competition Act||House, Senate||10/11/22|
|Joint Letter Opposing Marshall-Durbin NDAA Amendments||Senate||10/04/22|
|Joint Letter on Credit Card Competition Act||House||09/27/22|
|Letter Opposing House Interchange Bill||House||09/21/22|
|ICBA Letter Opposing Credit Card Competition Act||Senate||08/31/22|
|Letter on Stablecoin Legislation||House Financial Services Committee||07/22/22|
|Joint State Trades Letter to the Senate Judiciary Committe Interchange Hearing||Senate Judiciary Committee||05/04/22|
|Joint Letter for Senate Interchange Hearing||Senate Judiciary Committee||05/02/22|
|Support for Senate CBDC, FedAccount Bill||Sens. Cruz, Braun, Grassley||04/04/22|
|Support for House CBDC, FedAccount Bill||Rep. Tom Emmer||04/04/22|
|Joint Trades Credit Interchange Cap Letter||Congress||07/27/21|
|Hill Payments Charter Letter||116th Congress||10/15/20|
|Hill Payments Charter Letter 9.29||U.S. House Task Force on Financial Technology||09/29/20|
|Comments on SEC Safeguarding Rule||Securities and Exchange Commission||05/08/23|
|Joint Extension Request on CFPB Credit Card Late Fee Proposal||CFPB||05/02/23|
|Comments on Treasury Check Verification System||Bureau of the Fiscal Service||04/03/23|
|Comments on Digital Assets Research and Development||Office of Science and Technology Policy||03/03/23|
|Request for Extension of Reg II Effective Date||Federal Reserve||02/13/23|
|Comments on Crypto-Asset Principles||Financial Stability Board||12/15/22|
|Comments on Digital Assets and Illicit Finance||Treasury Department||11/04/22|
|Comments on Treasury Digital Assets Request||Treasury Department||08/08/22|
|Comments on Credit Card Late Fees||CFPB||08/01/22|
|Comments on Digital Assets Oversight||Commerce Department||06/29/22|
|Effective Regulation of Crypto Assets||Senate Banking Committee||Written Statement||02/13/23|
|Statement for Senate Crypto Hearing||Senate Banking Committee||Written Statement||07/28/22|
|Hearing Statement on Central Bank Digital Currency||House Financial Services Committee||Written statement||05/25/22|
|Enhanced Regulation of Digital Assets Will Promote Responsible Innovation||Senate Banking Hearing||02/15/22|
|Statement for House Hearing on Stablecoins||House Financial Services Committee||Written statement||02/08/22|
|Statement for Senate Stablecoin Hearing||Senate Banking Committee||Written Statement||12/14/21|
|Statement for House Hearing on Digital Assets||House Financial Services Committee||Written statement||12/07/21|
|ICBA Statement for HFSC Fintech Hearing 9-29-2020||HSFC||09/29/20|
March 08, 2023
Washington, D.C. (March 8, 2023) — The Independent Community Bankers of America (ICBA) called on the federal government to support and prioritize research on the specific effects of digital assets on community banks and their customers.
In a letter to the White House Office of Science and Technology Policy on how academic and government research can help policymakers assess the potential effects of digital assets, ICBA said crypto assets, nonbank stablecoins, decentralized finance, and an ICBA-opposed U.S. central bank digital currency pose significant risks to community banks, consumers, and the financial system.
“Community banks are the bedrock of the nation’s financial system and economy,” ICBA President and CEO Rebeca Romero Rainey said today. “As the government considers how to develop its agenda for digital assets, ICBA and its members call on the Office of Science and Technology Policy to prioritize research on the current and potential impacts of digital assets on community banks and the communities they serve.”
In its letter, ICBA called on the OSTP to:
Assess the full range of potential economic and social consequences that could result from a digital dollar disintermediating community banks.
Focus research on how the continued expansion of nonbank stablecoins and DeFi would specifically affect community banks and their communities.
Perform additional research on blockchain technology and other potential regulatory or legal solutions that could help mitigate the myriad threats of ransomware, sanctions evasions, and other financial crimes facilitated by digital assets.
Examine how instant payments facilitated by the Federal Reserve’s FedNow Service can address many of the issues that digital asset advocates claim can only by solved by a CBDC.
As Washington develops policies to address the impact and risks of digital assets, ICBA continues its long-standing calls for policymakers to develop a clear regulatory framework for crypto, to focus on crypto’s role in facilitating financial crimes, to ensure the traditional banking system continues to be a safe haven from the crypto sector’s instability, and to oppose the creation of a U.S. CBDC.
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 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.