ICBA Supports Acting Comptroller Michael Hsu’s Remarks on Banking Industry Concentration

Washington, D.C. (July 18, 2024) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey today issued the following statement on Acting Comptroller of the Currency Michael Hsu’s remarks on banking industry concentration and the separation of banking and commerce.

“ICBA and the nation’s community banks share Acting Comptroller Hsu’s concerns about increasing concentration in the banking industry.

“Last year's big bank failures and the alarming rate of banking industry concentration — with the largest institutions projected to reach $26 trillion in assets by 2033 — demonstrate the importance of effective capital, liquidity, and resolution standards for the largest banks. We agree that our nation must avoid repeating the mistakes of the past and avert risks to consumers and the financial system.

“We also share Acting Comptroller Hsu’s concerns about how nonbanks are blurring our nation’s long-established line between banking and commerce. While community bank depositors remain protected by the federal deposit insurance that banks fund, nonbank customers lack deposit insurance and other critical protections.

“ICBA and community bankers look forward to continuing to work with Acting Comptroller Hsu and other regulators on these and other critical banking issues.”

About ICBA

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.