ICBA opposes any action that erodes the independence of the federal banking agencies.
ICBA supports bipartisan board oversight at the federal banking agencies.
ICBA strongly supports the independence of each federal bank supervisor but encourages enhanced and improved cooperation and consultation among the agencies.
Independence. Bank regulators should be objective, nonpartisan and protected from political influence. Independence helps prevent the politicization of bank supervision and regulation and avoids politically motivated direction of policies. It is essential for promoting consumer confidence in the banking system, the smooth functioning and safe and sound operation of the banking system, and in turn, the health of the national economy.
Bipartisan Oversight. Bipartisan oversight of the federal financial agencies is an important check-and-balance mechanism that provides stability between changing political administrations and prevents frequent, polarizing shifts in regulatory policies. Bipartisan boards encourage robust dialogue, diverse viewpoints, and thoughtful deliberation in policy development, and have been a core tenet of community bank oversight since 1933 when Congress created the FDIC.
Agency Cooperation and Coordination. While regulatory choice is important, interagency cooperation and coordination of efforts among the federal banking agencies is equally necessary. Congress has increasingly directed the agencies to adopt concurrent rules and policies and the Federal Financial Institutions Examination Council (FFIEC) helps foster cooperation and coordination amongst its member agencies.
While concurrent rules may take more time and effort to develop, interagency or concurrent rules offer greater acceptability and legitimacy—especially for complex or controversial issues—when the expertise and experience of each agency is brought to bear. Further, interagency rulemaking ensures institutions of similar size and complexity are subject to consistent regulation, regardless of charter.
|Comments on DOJ Bank Merger Analysis||DOJ||02/15/22|
|Bank Merger Guidlines Comment -10-1-2020||DOJ||09/30/20|
|ICBA Letter to IG on USPS-JPMorgan Discussions||USPS Office of Inspector General||08/26/20|
|ICBA Letter on USPS-JPMorgan Discussions||U.S. Postal Regulatory Commission||08/24/20|