ICBA President and CEO Rebeca Romero Rainey pushed back against erroneous claims from television personality Kevin O'Leary that banks are not lending to small businesses in the current economic environment.
ICBA Response: In a video message on Twitter and LinkedIn, Romero Rainey said community banks continue to make more than 60% of the nation’s small-business loans and are there for their customers in both good and challenging times. In her posts, Romero Rainey said community banks remain open for business and invited O'Leary—who made the false claim on Fox Business—to meet with ICBA to set the record straight.
Data Show Lending Increase: After Romero Rainey released the online video Thursday morning, the FDIC issued second-quarter banking data that showed community bank loans and leases rose 2.6% from the previous quarter and were up 12.5% from a year ago—contradicting O’Leary’s claims that bank small-business lending has dried up.
Amplifying the Message: In a post on ICBA Community, ICBA encouraged community bankers to share Romero Rainey’s Twitter and LinkedIn posts and to comment on what they are seeing at their banks and communities to showcase the positive community banking story to the news media.
Additional Resources: Meanwhile, ICBA continues elevating community banks among consumers and differentiating them from larger institutions via the ICBA National Campaign, which offers numerous customizable promotional tools for community banks and state partners.