May 13 - The Independent Community Bankers of America (ICBA) has applauded the U.S. House of Representatives for approving ICBA-advocated legislation that supports local economic growth by reducing regulatory burdens on community banks. The House today approved H.R. 3329 and H.R. 2672 to help community banks raise capital and lend in their communities.
The votes come one week after ICBA’s Washington Policy Summit, a grassroots event that drew more than 1,000 community bankers and industry advocates to the nation’s capital to meet with members of Congress and regulators on ICBA’s top policy priorities—including regulatory relief for community banks.
“To promote community-based economic growth and job creation, community banks need sound regulations appropriate to their traditional business model and lower-risk profile,” ICBA President and CEO Camden R. Fine said. “ICBA thanks the House for advancing these important measures to help community banks do what they do best—support local economies and jobs in their communities.”
H.R. 3329 would increase the qualifying asset threshold of the Small Bank Holding Company Policy Statement from $500 million to $1 billion and allow small savings and loan holding companies to be covered by its provisions. The legislation would make it easier for community bank and thrift holding companies to raise capital.
H.R. 2672 would create a process in which individuals could petition the Consumer Financial Protection Bureau to have the rural status of a county reassessed. This would allow a broader range of evaluation criteria, more accurately identify rural counties and help ensure continued access to mortgage credit in those communities.
ICBA strongly supports both measures, which are inspired by its Plan for Prosperity regulatory relief platform for the 113th Congress. The association urges the Senate to take up and quickly pass both bills.
For more information on ICBA’s Plan for Prosperity, visit www.icba.org.
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 community banks of all sizes and charter types, 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. For more information, visit www.icba.org.