ICBA expressed strong support for the introduction of legislation to promote the creation of de novo community banks.
Bill Details: The Promoting New Bank Formation Act—introduced by Rep. Andy Barr (R-Ky.) and Sen. Cindy Hyde-Smith (R-Miss.)—would direct regulators to phase in de novo bank capital standards and remove limitations on agricultural lending, among other needed changes.
ICBA Advocacy: The legislation would advance a key element of ICBA’s “Repair, Reform, and Thrive” plan for the 119th Congress and incoming Trump administration. ICBA urged lawmakers to take up this reform in its recent open letter to the 119th Congress.
Outlook: “We look forward to working with Rep. Barr, Sen. Hyde-Smith, and other policymakers to advance this critical legislation,” ICBA President and CEO Rebeca Romero Rainey said in a national news release.