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Washington, D.C. (April 16, 2018)— The Independent Community Bankers of America® (ICBA) today thanked President Donald Trump for nominating Kansas Bank Commissioner Michelle “Miki” Bowman for the Federal Reserve Board. Bowman would fill the ICBA-advocated position dedicated to individuals with experience in community banking.

“ICBA strongly endorses the nomination of Miki Bowman to the Federal Reserve Board because of her unique understanding of community bank challenges and the role of regulators,” ICBA President and CEO Camden R. Fine said. “As a fifth-generation community banker with experience at state and federal agencies, Miki Bowman is ideally suited for the Fed’s community banking seat. She is the perfect nominee for this job, and we encourage the Senate to quickly confirm her nomination.”

Before her unanimous approval for state bank commissioner by the Kansas Senate in January 2017, Bowman served as vice president of Farmers & Drovers Bank in Council Grove, Kansas. She is also involved in her family’s cattle and farm operation, which gives her firsthand understanding of the economic importance of agriculture. Bowman has also worked for former Sen. Bob Dole (R-KS), the House Committee on Transportation and Infrastructure, the House Committee on Oversight and Government Refore, the Federal Emergency Management Agency, and the Department of Homeland Security.

Bowman would fill a position on the Fed board designated for someone with experience as a community banker or community bank supervisor. Following the repeated ICBA calls to ensure a community bank presence on the Fed board, policymakers mandated the position of 2015.

 

 

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Washington, D.C. (April 9, 2018)— Community bankers from across the nation are in Washington this week to advocate immediate passage of meaningful regulatory relief as part of the Independent Community Bankers of America® (ICBA) 2018 Capital Summit. Representing the nation’s early 5,700 community banks in meetings with members of Congress, attendees will also discuss modernizing the Bank Secercy Act, ending credit union tax subsidies, passing a new farm bill, and reforming the housing-finance system.

In addition to meeting with their lawmakers, community bankers will hear remarks from Consumer Financial Protection Bureau Acting Director Mick Mulvaney, Comptroller of the Currency Joseph Otting, Senate Banking Committee Financial Institutions Subcommittee Chairman Patrick Toomey (R-PA), pollster and political analyst Kristen Soltis Anderson, and Conference of State Bank Supervisors President and CEO John Ryan.

“Community banks support localized economic growth one loan at a time, but excessive and unnecessary regulation is stifling their ability to meet the needs of local communities,” said ICBA Chairman Timothy K. Zimmerman, CEO of Standard Bank in Monroeville, PA. “With at least one community bank in every congressional district, community bankers are in the nation’s capital to urge their representatives to enact policies to promote stronger economic growth, jobs and prosperity in communities nationwide. We are in Washington to demand enactment of much-needed regulatory relief.”

In meetings with Congress, community bankers will advocate:

  • immediate passage of regulatory relief legislation inspired by ICBA’s Plan for Prosperity platform given the strong momentum from the bipartisan Senate passage of S. 2155, which the president pronounced he would sign into law,
  • modernizing the Bank Secrecy Act to more effectively target money laundering and terrorist financing while reducing community bank burden and expense,
  • ending the unjustified credit union tax subsidies and the National Credit Union Administration’s unreasonable actions to expand credit union activities beyond their statutory limits,
  • passing a new farm bill that supports commodity prices, enhances USDA guaranteed-loan programs, preserves crop insurance funding, and returns the Farm Credit System to its primary mission of serving bona-fide farmers and ranchers, and
  • advocating housing-finance reform that builds on what is working today and preserves secondary market access for community bank mortgage lenders.

For a full list of ICBA’s policy priorities and more information about community banks, visit www.icba.org/summit18.

 

 

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Washington, D.C. (March 30, 2018)—Where you choose to bank and with whom matters, says the Independent Community Bankers of America® (ICBA, which is celebrating the nation’s nearly 5,700 community banks during ICBA Community Banking Month in April. To illustrate the positive impact community banks have on their communities, ICBA released this video ahead of Community Banking Month.

“When you bank locally, you’re reinvesting in your community, contributing to the welfare of your neighbors and building a legacy of prosperity for future generations,” said ICBA Chairman Timothy Zimmerman, CEO of Standard Bank in Monroeville, PA. “Community bankers power your region’s small businesses and influence job growth one loan at a time. They’re rooted in your community, ensuring they have a stake in your financial success and the strength of the community overall.”

Community banks support local startups—funding more than 60 percent of small business and more than 80 percent of agriculture loans startups—and contribute tax dollars that help maintain local municipalities and keep local neighborhoods viable and vibrant.

When choosing who to trust with your hard-earned money, ICBA wants consumers to know that they have a choice and know the following:

  • Community banks respect and honor their community ties. Community banks and local communities have symbiotic relationships—one cannot thrive without the other.
  • Community banks are relationship lenders. They know their customers and understand their financial needs.
  • Community banks understand and embrace local businesses. A study from the 12 Federal Reserve banks found that small businesses that apply for loans with community banks are the most successful and most satisfied. ICBA celebrates local entrepreneurship on the third Wednesday of every month with Go Local Wednesday by supporting local businesses via social media.
  • Community banks give back. Serving local communities is second nature to community banks, as reflected in ICBA’s Community Bank Service Awards.

For more facts and statistics about community banks, click here.

To find your local community bank, visit ICBA’s Community Bank Locator at www.banklocally.org. To follow the ICBA Community Banking Month conversation on social media, follow the #BankLocally hashtag on Twitter.

 

 

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WHAT:

The nation’s community bankers will be in town April 9-11 for the Independent Community Bankers of America’s® (ICBA) 2018 ICBA Capital Summit. As S. 2155 makes it way to the House, this ICBA event provides a forum for community bankers to engage on the bill and other key policy issues with members of Congress and regulators.

Attendees will hear from influential policymakers, including Comptroller of the Currency Joseph Otting, Consumer Financial Protection Bureau Acting Director Mick Mulvaney and Sen. Pat Toomey (R-PA). Pollster, political commentator and author Kristen Soltis Anderson and ICBA President and CEO Camden R. Fine will also deliver remarks.

WHEN AND WHO:

Monday, April 9—ICBA Capital Summit General Session

Comptroller of the Currency Joseph Otting
11-11:30 a.m.

Kristen Soltis Anderson
12:30-1:10 p.m.

Consumer Financial Protection Acting Director Mick Mulvaney
1:45-2:15 p.m.

Tuesday, April 10— ICBA Capital Summit General Session

Sen. Pat Toomey (R-PA)
8:30-9:00 a.m.

Wednesday, April 11—ICBA Capital Summit General Session

Camden R. Fine, ICBA President and CEO
7:45-8:15 a.m.

**Please note that only remarks from the keynote speakers listed above are open to press and on the record during the event.**

WHERE:

Grand Hyatt Washington
1000 H Street, NW
Washington, D.C. 20001
Independence Ballroom

For media registration, please email your name, news organization, business address, phone number, and email address to aleis.stokes@icba.org and nicole.swann@icba.org.

 

 

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Washington, D.C. (March 28, 2018)— With Congress planning to write a new farm bill in the coming months, the Independent Community Bankers of America® (ICBA) today released a white paper with its principles for a new multi-year farm bill. ICBA’s white paper details its community banker-inspired farm policy reforms as lawmakers work to replace the current bill expiring Sept. 30.

“ICBA believes a new farm bill is vitally important to our nation’s farmers and ranchers and the community bankers who work so closely with them,” ICBA President and CEO Camden R. Fine said. “A new farm bill provides a multi-year framework for farmers and their community bank lenders to engage in longer-term business planning, and it offers an essential safety net of risk-management tools.”

ICBA’s “Focus on Farm Policy” white paper outlines key agricultural focus areas:

  • Adequately Fund Commodity Programs and Crop Insurance, which are key risk-management tools that enable producers to obtain farm loans.
  • Enhance the USDA’s Farm Loans Programs— which provided more than $7.7 billion in loans for producers in 2017 and supported 42,000 farmers and ranchers—by increasing loan limits, providing greater flexibility for loan approvals, and eliminating unnecessary regulatory burdens.
  • Sustain USDA Rural Development Programs by maintaining the USDA’s focus on guaranteed loan programs and preserving funding for programs such as the Business and Industry Guaranteed Loan Program for small businesses.
  • Reform the Farm Credit System, which has experienced dramatic growth while sharply reducing service to family farmers, to ensure this government-sponsored enterprise remains focused on serving farmers and does not venture into broad non-farm lending activities.
  • ICBA’s Five Key Farm Bill Principles, which include ample funding, regulatory relief, fair treatment of all stakeholders, and more.

Click here to access ICBA’s “Focus on Farm Policy” white paper.

 

 

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Bloomington, MN: William C. Rosacker, President & CEO of United Bankers’ Bank has announced the promotion of five employees. “We are pleased that we are able to leverage in-house talent and are fortunate to have each of these folks as part of our UBB team. They each embody UBB’s First for Your Success service commitment and have been instrumental in making United Bankers’ Bank an industry leading provider of correspondent services to community banks,” stated Mr. Rosacker.

Promotions:

Angela Orcutt, Executive Vice President, Chief Human Resources Officer
Angela oversees the Human Resources team and provides UBB with overall strategic HR leadership. She supports the development and implementation of HR initiatives and systems, as well as recruiting, training and performance management of the UBB team. Her career at UBB began in 2010.

Tyson Doke, Vice President, Marketing Manager
Tyson leads the marketing team and is responsible for supporting and developing UBB’s progressive vision with products and services to help customers maintain a competitive edge in their markets. He develops and implements strategies to build UBB’s brand equity through advertising, sponsorships, promotions, research and digital marketing initiatives. Tyson joined UBB in 2013.

Stephanie Forbes, Assistant Vice President, Investment Trader
Stephanie is a licensed Municipal Securities Representative and assists customers in gaining access to the Brokered CD Market, as well as being an Investment Trading Officer. She has been with UBB since 2004.

Kris Thoman, Information Technology Services Manager, Officer
Kris heads the Technical Services team that supports all UBB employees in effective resolution of all IT related issues. She is also responsible for the development and ongoing support of user access for the security administration program. Kris join UBB in 2016.

Kevin Wagner, Information Security Manager, Officer
Kevin is responsible for the oversight of the UBB’s Information Security Program, including IT governance, risk and compliance reporting. He is also responsible for managing the bank’s Business Continuity, Vendor Management, and Enterprise Risk Management programs. Keving began working at UBB in March 2017.

 

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Las Vegas (Mar. 16, 2018)- Timothy K. Zimmerman, CEO of Standard Bank in Monroeville, PA., was elected chairman of the Independent Community Bankers of America® (ICBA) for 2018-19 during the 2018 ICBA national convention, ICBA Community Banking LIVE®, in Las Vegas. His term begins at the conclusion of the convention on March 17.

“By driving local economies and creating local jobs, community banks are an integral part of our financial system and serve a key role in our nation’s economy,” Zimmerman said. “It’s an honor and a privilege to bring attention to the issues affecting Main Street, while providing policymakers with legislative and regulatory solutions that would yield meaningful and tangible results for the communities we serve.”

Zimmerman has served ICBA and the community banking industry for decades. He is chairman of the Executive Committee and the board of directors. He is past chairman of the Federal Delegate Board and serves on the board of the ICBA Services Network and ICBA Securities. He serves on the Policy Department and Nominating committees. He is the Executive Committee liaison to the Housing Finance Committee and serves on the Financial Accounting Standard Board’s Transition Resource Group for Credit Losses.

Zimmerman served as secretary on the Executive Committee in 2013-15. He also was chairman of the Mutual Bank Council and served on the Consumer Financial Services and Bank Education committees. From September 2012 to September 2015, Zimmerman served on the Consumer Financial Protection Bureau’s Community Bank Advisory Council, service as vice chairman and chairman during his term. He has also testified before the House Financial Services Subcommittee on Oversight and Investigations.

On the local level, Zimmerman has been a member of the Pennsylvania Association of Community Bankers for more than 20 years and regularly served on its board of directors. He is a board member and vice president of the Pittsburgh Civic Light Opera and chairman of its Audit and Budget and Finance committees. He also serves as coordinator for his bank’s Make-A-Wish Foundation annual campaign.

“Tim is one of community banking’s biggest advocates and a faithful steward of his community,” said ICBA Immediate Past Chairman R. Scott Heitkamp, president and CEO of ValueBank Texas of Corpus Christi, Texas. “We are fortunate to have Tim serve as ICBA’s incoming chairman during this pivotal time for our industry.”

ICBA is the only national advocacy organization dedicated exclusively to promoting the interests of locally operated community banks and savings institutions. With trusted financial expertise and high-quality customer service as their hallmarks, community banks offer the best financial services option for millions of consumers, small businesses and agricultural enterprises.

For more information, including a biography for Zimmerman, visit ICBA’s Press Room.

 

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Las Vegas (Mar. 16, 2018)- The Independent Community Bankers of America® (ICBA) today announced the election of its 2018-19 Executive Committee during its 2018 national convention, ICBA Community Banking LIVE®, in Las Vegas.

Timothy K. Zimmerman, CEO of Standard Bank of Monroeville, PA., was elected ICBA chairman and serves as chairman of the ICBA Executive Committee and board of directors.

Joining Zimmerman on the ICBA Executive Committee are:

  • Chairman-elect: Preston L. Kennedy, president and CEO of Zachary Bancshares, Inc. of Zachary, LA.
  • Vice Chairman: Noah W. Wilcox, president, CEO and chairman of Grand Rapids State Bank of Grand Rapids, MN, and chairman and CEO of Minnesota Lakes Bank in Delano, MN.
  • Treasurer: Kathryn G. Underwood, president and CEO of Ledyard National Bank of Hanover, NH.
  • Secretary: Christopher Jordan, president and CEO of The Farmers State Bank of Stigler, OK.
  • ICBA President and CEO: Camden R. Fine of Washington D.C., to be succeeded by Rebeca Romero Rainey of Washington, D.C.
  • Immediate Past Chairman: R. Scott Heitkamp, president and CEO of ValueBank Texas of Corpus Christi, TX.
  • Past Chairman:: Jack A. Hartings, president and CEO of The Peoples Bank Co. of Coldwater, OH.
  • Past Chairman: William A. Lovings Jr., president and CEO of Pendleton Community Bank of Franklin, WV.

For more information, including biographies for the ICBA Executive Committee, visit ICBA’s Press Room.

 

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Las Vegas (Mar. 16, 2018)- Timothy K. Zimmerman, CEO of Standard Bank in Monroeville, PA., who becomes chairman of the Independent Community Bankers of America® (ICBA), encouraged ICBA Community Banking LIVE® 2018 national convention attendees to leverage their political might to fight for additional reforms. “It’s up to us, all of us, to work together- through ICBA and our great state associations- to push through and achieve goals that are clearly within our grasp,” Zimmerman said.

In his remarks, Zimmerman reminded the community bankers of their role in helping create a pathway for bipartisan community bank regulatory relief. He encouraged them to build upon the strong foundation created over years of advocacy to:

  • get regulatory relief legislation to the president’s desk and signed into law,
  • ensure a level regulatory playing field in the financial services industry,
  • preserve equal and unlimited community bank access to the secondary mortgage market, and
  • stop the credit union and Farm Credit System mission creep.

“Community bankers hold the seeds to America’s economic prosperity in our hands. Let’s go ahead and plant them- one seed at a time,” Zimmerman said. “Our customers, our communities and our nation will thank us.”

Zimmerman thanked ICBA President and CEO Cam Fine for transforming ICBA into one of the most influential and respected organizations in the nation. He said Fine’s successor, Rebeca Romero Rainey, is the right person to help lead the association into the future.

In closing, Zimmerman implored the community bankers to mentor the next generation of industry talent, showcase the difference community banks are making locally, and foster a resurgence of de novo institutions to meet customers’ evolving needs.

“The future holds great promise, but it is up to us to make sure that promised is realized,” Zimmerman said.

For more information about Zimmerman including his biography, visit www.icba.org.

 

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Las Vegas (Mar. 16, 2018)- The Independent Community Bankers of America® (ICBA) today announced its top legislative and regulatory priorities for 2018. ICBA made the announcement at its ICBA Community Banking LIVE® national convention in Las Vegas.

“ICBA pro-growth policy priorities support solutions that will help community banks maximize their support for the local customers and communities they serve,” said ICBA Incoming Chairman Timothy Zimmerman, CEO of Standard Bank in Monroeville, PA. “By reducing excessive regulatory burdens and advancing tailored community banking regulations, Congress and the Trump administration can support stronger economic and job growth nationwide.”

Approved by ICBA’s Policy Development Committee and board of directors, ICBA’s top priorities for 2018 include:

RELIEF FROM CRUSHING REGULATORY BURDEN: Enacting targeted regulatory relief from ICBA’s Plan for Prosperity platform to recognize the significant differences between community banks and large, complex institutions and to help community banks serve their customers and communities.

CONSUMER FINANCIAL PROTECTION BUREAU: Supporting legislation that ensures accountability at the Consumer Financial Protection Bureau by replacing single-director governance with a five-member commission and promoting greater participation by the prudential banking regulators.

CYBERSECURITY: Ensuring federal cybersecurity policies recognize existing community bank mandates, supporting voluntary information sharing, and expanding prudential regulators’ supervision to include core processors and credit reporting agencies.

DATA SECURITY AND FRAUD: Supporting a national data security breach and notification standard and ensuring all participants in the payments system, including merchants, are subject to Gramm-Leach-Bliley Act-like data-security standards.

PAYMENTS: Supporting payment systems that are bank-centric, ubiquitous, faster, competitive, reliable, secure, and efficient to help community banks meet the global payment needs of their customers.

HOUSING-FINANCE REFORM AND THE GOVERNMENT-SPONSORED ENTERPRISES: Supporting housing-finance reform that preserves market liquidity and stability while ending the destructive sweep of Fannie Mae and Freddie Mac earnings.

TAX-EXEMPT CREDIT UNIONS: Urging Congress to end the credit union industry’s unwarranted federal tax subsidy and opposing expanded powers for the industry as long as it remains exempt from taxation and the Community Reinvestment Act.

ENACTING A NEW FARM BILL AND REFORMING THE FARM CREDIT SYSTEM: Calling on Congress to pass a strong farm bill that provides stability to the volatile farm sector and to prevent the Farm Credit System from abusing its tax-advantaged status.

FINTECH BANK CHARTERS: Continue raising concerns with the Office of the Comptroller of the Currency’s proposed special-purpose national bank charter for fintech companies and ensuring that the OCC does not proceed without explicit statutory authority from Congress.

SEPARATION OF BANKING AND COMMERCE: Opposing the FDIC deposit insurance applications of SoFi Bank and Square Financial Services, imposing a two-year moratorium on industrial loan corporation deposit insurance applications, and closing the ILC loophole.

TAX POLICY: Advocating tax laws that promote robust economic activity, a vibrant community banking sector, and saving and investment.

For more information, visit www.icba.org.

 

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Washington, D.C. (Mar. 14, 2018)- The Independent Community Bankers of America® (ICBA) today thanked the House and Senate Small Business Committee for advancing legislation to strengthen the Small Business Administration 7(a) program. The bipartisan Small Business 7(a) Lending Oversight Reform Act (H.R. 4743 and S. 2283) includes targeted reforms to ensure the program continues expanding the reach of lending and credit services to a broader range of borrowers who would not qualify for a conventional loan.

“The Small Business Adminstration’s 7(a) loan program allows community banks to leverage their unique underwriting skills to more effectively serve the small businesses in their communities” ICBA President and CEO Camden R. Fine said. “ICBA and the nation’s community bankers thank House and Senate policymakers for promoting a robust and sustainable 7(a) program to help small businesses create jobs and strengthen our economy.”

H.R. 4743 and S. 2283 would:

  • strengthen the integrity of all SBA guaranteed lending programs by codifying the SBA Office of Credit Risk Management and Lender Oversight Committee, increasing transparency in the office’s budget, and providing guidelines for lender reviews and lender appeals rights;
  • safeguard the 7(a) program from abuse by codifying the SBA’s “Credit Elsewhere Test,” which requires lenders to full substantiate and document the reasons a given applicant cannot be served with conventional credit; and
  • stabilize 7(a) program funding by allowing the SBA to lift the cap on general business loans by up to 15 percent of the limit if the cap is reached, as it was in 2015, which disrupted SBA lending and required emergency legislation.

ICBA looks forward to working with members of the House and Senate to continue advancing this legislation and urges House members to support the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) when it is sent over from the Senate.

 

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Washington, D.C. (Mar. 14, 2018)- The Independent Community Bankers of America® (ICBA), the leading proponent of community bank regulatory relief, today thanked the Senate for passing pro-community bank legislation and urged the House to advance needed relief immediately. The bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) would bolster local economic and job growth by providing much-needed relief to Main Street community banks.

“S. 2155 includes common-sense regulatory relief for our nation’s nearly 5,700 community banks while preserving vital consumer protections and effective regulatory supervision,” ICBA President and CEO Camden R. Fine said. “ICBA thanks the many senators who supported this bipartisan legislation as well as the House for already passing numerous regulatory relief bills included in S. 2155.”

S. 2155 includes numerous provisions from ICBA’s pro-growth Plan for Prosperity platform to:

  • provide “qualified mortgage” status for portfolio mortgage loans at most community banks,
  • exempt certain community bank loans from escrow requirements,
  • simplify community bank capital requirements,
  • create a short-form call report for use in the first and third quarters by certain well-rated community banks,
  • expand eligibility for the 18-month regulatory exam cycle to more community banks,
  • ease appraisal requirements to facilitate mortgage credit in local, rural communities,
  • exempt most community banks from the Volcker Rule,
  • exempt community banks that make 500 or fewer mortgages per year from the Consumer Financial Protection Bureau’s new, additional HMDA reporting requirements,
  • expand access to the Federal Reserve’s Small Bank Holding Company Policy Statement to help more community banks build capital,
  • allow federal savings associations with $20 billion or less in assets to elect to operate with national bank powers,
  • improve regulatory treatment of reciprocal deposits and certain municipal securities, and
  • provide relief for larger community banks, including higher asset thresholds for systematically important financial institution designations, and easing of stress testing and formal risk committee requirements.

“S. 2155 is a robust package of community bank regulatory relief focused on Main Street, not Wall Street,” said ICBA Chairman Scott Heitkamp, president and CEO of ValueBank Texas in Corpus Christi. “This legislation has strong bipartisan support for good reason- it will ease unnecessary regulatory burdens on community banks so they can continue meeting the needs of their customers and communities.”

Notably, S. 2155 has the Trump administration’s full support and would be signed into law upon passage in the House. As noted in its State of Administration Policy, the legislation builds on numerous common-sense regulatory relief bills already passed by the House, including the ICBA-advocated CLEAR Relief Act (H.R. 2133), Portfolio Lending Mortgage Access Act (H.R. 2226), Securing Access to Affordable Mortgages Act (H.R. 3221), and more.

ICBA and the community bankers nationwide sincerely thank the senators listed below for demonstrating their support for community banks with their YES vote on S. 2155:

  • Alexander (R-TN)
  • Barrasso (R-WY)
  • Bennet (D-CO)
  • Blunt (R-MO)
  • Boozman (R-AR)
  • Burr (R-NC)
  • Capito (R-WV)
  • Carper (D-DE)
  • Cassidy (R-LA)
  • Cochran (R-MS)
  • Collins (R-ME)
  • Coons (D-DE)
  • Corker (R-TN)
  • Cornyn (R-TX)
  • Cotton (R-AR)
  • Crapo (R-ID)
  • Cruz (R-TX)
  • Daines (R-MT)
  • Donnelly (D-IN)
  • Enzi (R-WY)
  • Ernst (R-IA)
  • Fischer (R-NE)
  • Flake (R-AZ)
  • Gardner (R-CO)
  • Graham (R-SC)
  • Grassley (R-IA)
  • Hassan (D-NH)
  • Hatch (R-UT)
  • Heitkamp (D-ND)
  • Heller (R-ND)
  • Hoeven (R-ND)
  • Inhofe (R-OK)
  • Isakson (R-GA)
  • Johnson (R-WI)
  • Jones (D-AL)
  • Kaine (D-VA)
  • Kennedy (R-LA)
  • King (I-ME)
  • Lankford (R-OK)
  • Lee (R-UT)
  • Manchin (D-WV)
  • McCaskill (D-MO)
  • McConnell (R-KY)
  • Moran (R-KS)
  • Murkowski (R-AK)
  • Nelson (D-FL)
  • Paul (R-KY)
  • Perdue (R-GA)
  • Peters (D-MI)
  • Portman (R-OH)
  • Risch (R-ID)
  • Roberts (R-KS)
  • Rounds (R-SD)
  • Rubio (R-FL)
  • Sasse (R-NE)
  • Scott (R-SC)
  • Shaheen (D-NH)
  • Shelby (R-AL)
  • Stabenow (D-MI)
  • Sullivan (R-AK)
  • Tester (D-MT)
  • Thune (R-SD)
  • Tillis (R-NC)
  • Toomey (R-PA)
  • Warner (D-VA)
  • Wicker (R-MS)
  • Young (R-IN)

For a comprehensive look at ICBA and community banker advocacy on behalf of this legislation, visit ICBA’s “Support S. 2155, Support Community Banks” webpage. For more information on what’s in S. 2155, view ICBA’s summary of the bill’s key provisions by asset size.

 

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Las Vegas (Mar. 14, 2018)- The Independent Community Bankers of America® (ICBA) and EnCirca announced a new pricing promotion to help community banks with the transition to .BANK websites and email addresses. For a limited time, community banks who sign up for EnCirca’s RAMP promotion will save $1,500 on EnCirca’s .BANK website hosting package for the first year.

“Banks have invested heavily in third-party technologies to prevent and detect fraudulent activity thanks to the creation of .BANK domains, they have another weapon in their arsenal to protect customers,” said Chris Lorence, ICBA group executive vice president of member management and strategy. “When consumers see the .BANK extension, they know they are on a secure and trusted platform owned by a bank that is a safe place to manage their finances.”

Banks are invited to stop by booth #560 during ICBA’s national convention, Community Banking LIVE® in Las Vegas from March 13-17 to learn more about the RAMP pricing promotion.

As the preferred registrar for the ICBA, and the leading .BANK registrar, EnCirca has helped hundreds of community banks like BROADWAY.BANK, CHOICE.BANK, and TRAILWEST.BANK launch their .BANK websites.

“Every month, we hear from dozens of community banks that want to migrate to their .BANK domain name for their website and email,” said Andrew Barret, a project manager at EnCirca. “The number one question is, ‘How do I start?’ RAMP leverages EnCirca’s expertise in .BANK migrations, and cybersecurity to streamline the entire process from start to finish while ensuring ongoing website security.”

The RAMP bundle contains:

  • Secure website and email hosting
  • Secure DNS (DNSSEC)
  • .BANK Zone Nameservers
  • Domain Validation SSL Certificate
  • DMARC Alignment Deployment
  • Consulting for the migration effort

The .BANK top level domain is distinguished by sophisticated security protocols to help ensure consumers trust their online banking experience. These include DNSSEC, SSL, DMARC, and secure web and email hosting. .BANK websites must also be hardened against cyber-attacks by limiting the cipher suites and ports that are accessible from its website.

For more information email support@encirca.com or visit booth #560 at convention.

 

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Las Vegas (Mar. 13, 2018)- The Independent Community Bankers of America® (ICBA) announced a volunteer initiative during its 2018 national convention, ICBA Community Banking LIVE in Las Vegas. The initiative benefits local underprivileged high school students.

ICBA, in partnership with Project 150, will collect donations and high-demand items, including school supplies, personal toiletries and clothing to help more than 6,400 homeless, displaced, and disadvantaged high-school students. These donations will obtain basic necessities, with the ultimate goal of encouraging them to stay in school.

“Community bankers are always looking for ways to uplift members of their community and support our youth,” said ICBA Chairman Scott Heitkamp, president and CEO of ValueBank in Corpus Christi, Texas. “So, when the opportunity arose to work with Project 150 in tackling the serious issue of homelessness we were eager to lend a hand. It’s the right thing to do and aligns with community bankers’ tradition of giving bank. We’re honored to assist Project 150 in their critical mission.”

Project 150 is a non-profit dedicated to helping homeless, displaced, and disadvantaged high school students, graduate from high school through the provision of gently used clothes, nonperishable food, school supplies, and other personal necessities.

“With the help of our generous volunteers, Project 150 has been able to offer vital critical support for at-risk students, giving them everyday supplies that many take for granted, while providing a supportive pathway for achieving their education aspirations,” said Meli Pulido, executive director at Project 150.

For more information about Project 150, visit www.project150.org.

 

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Las Vegas (Mar. 13, 2018)- Beginning today, nearly 3,000 community bankers, industry leaders and financial experts will gather together for the 2018 Independent Community Bankers of America® (ICBA) national convention, ICBA Community Banking LIVE®, at the Venetian Palazzo hotel in Las Vegas.

This conference, which runs through Saturday, March 17, is the largest, most comprehensie educational event for community bankers in the country. Attendees will learn about the latest top-of-mind community banking issues from more than 60 educational workshops and explore state-of-the-art technology and product solutions from hundreds of community bank-focused service providers. This year’s event will also include a special tribute to ICBA President and CEO Camden Fine in recognition of his leadership over the last 15 years and numerous contributions to the community banking industry.

“ICBA Community Banking LIVE is the premier event for community bankers across our nation,” said ICBA Chairman Scott Heitkamp, president and CEO of ValueBank Texas in Corpus Christi. “Our community banker attendees can expect the very best learning and networking opportunities as they hear from leading industry experts and exciting general session speakers. They will also have excellent opportunities to engage with industry partners that provide the latest business and fintech solutions for community banks and their customers.”

Providing inspiring industry remarks and perspective at this year’s convention are Scott Heitkamp; ICBA Chairman-elect Timothy Zimmerman, CEO of Standard Bank in Monroeville, PA; ICBA President and CEO Camden R. Fine; and ICBA President and CEO-elect Rebeca Romero Rainey. Other exciting and inspiring convention speakers include Robbie Bach, innovation expert and former chief Xbox officer for Microsoft; Gretchen Carlson, acclaimed broadcast news anchor and journalist; and Erik Qualman, digital media expert, professor and author.

Attendees can receive up-to-the-minute convention information with the ICBA 2018 Mobile App and by following #ICBALive18 on Twitter.

Visit http://www.icba.org/news-events/convention2018 for more information.

 

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Washington, D.C. (Mar. 13, 2018)- The Independent Community Bankers of America® (ICBA) today released its Fintech Strategy Roadmap for community banks as they increasingly work in partnership with fintech firms to deliver services to their customers. The roadmap, written in collaboration with Hunton & Williams LLP, offers a look at how community banks can successfully create, collaborate or invest in fintech partnerships while providing necessary considerations to ensure these strategic decisions fit within regulatory risk parameters.

“Continued success in the financial services industry depends on the adoption of banking practices that meet the evolving needs of the market,” said ICBA Group Executive Vice President of Innovation and Technology Kevin Tweddle. “Fintech companies offer potential partnerships and collaborative relationships that can help community banks enhance the customer experience and promote mutually beneficial relationships. Our goal in creating the roadmap was to help banks as they engage in discussions with fintech firms and think strategically about how to navigate the decision-making process.”

The Fintech Strategy Roadmpa is available exclusively to ICBA members and is the first community bank resource that takes a deep dive into the legal and compliance elements associated with fintech partnerships. Elements highlighted in the Fintech Strategy Roadmap include:

  • strategic fintech opportunities in the community bank sector,
  • community bank advantages of participating in the fintech space,
  • approaches to fintech for community banks,
  • regulatory considerations, and
  • risk factors for community banks to consider when evaluating fintech relationships.

“Community banks should base any foray into fintech on a strategic plan that accounts for risk management and their compliance framework before implementation,” said Hunton and Williams Partner Peter Weinstock. “Community banks have an excellent opportunity to shape their future by asking the right questions now. The Fintech Strategy Roadmap will help them do just that.”

ICBA encourages all community bank members to download a complimentary copy of the ICBA Fintech Strategy Roadmap today.

 

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Washington, D.C. (Mar. 12, 2018)- The Independent Community Bankers of America® (ICBA) is clearing up misconceptions about how the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) would affect Home Mortgage Disclosure Act reporting. While opponents of S. 2155 falsely claim that the bill would disrupt data collection and reporting on the ethnicity, race and sex of borrowers, it would actually maintain these and other longstanding HMDA data fields.

“It’s long time to clear up some of the misinformation that is spreading about S. 2155- it does not at all affect longstanding and already-detailed Home Mortgage Disclosure Act data-collection requirements,” ICBA President and CEO Camden R. Fine said. “Those community banks that have been required to collect and report HMDA data on covered mortgage loans will continue to do so and report on annual basis as they did for decades until the Consumer Financial Protection Bureau dramatically expanded reporting mandates in 2015. S. 2155 takes a common-sense approach to ensure necessary data will continue to be reported without overburdening low-volume lenders.”

Under S. 2155, lenders would still be required to collect and report the 23 HMDA data fields in place prior to the Consumer Financial Protection Bureau’s 2015 HMDA rule. The S. 2155 provision affecting HMDA reporting exempts certain low-volume community banks with satisfactory or better Community Reinvestment Act ratings only from the 25 additional data fields mandated by the 2015 rule. Under the bipartisan bill, community banks that originate fewer than 500 closed-end mortgage loans or 500 open-ended lines of credit would be exempt from the expanded reporting required by the 2015 rule.

For more information on the bipartisan legislation, visit ICBA’s “Support S. 2155, Support Community Banks” webpage.

 

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Washington, D.C. (Mar. 08, 2018)- The Independent Community Bankers of America® (ICBA) today thanked Federal Reserve Board Chairman Jerome Powell and Federal Reserve Bank of New York President and CEO William Dudley for inviting ICBA to represent community banks on the reconstituted Alternative Reference Rates Committee (ARRC).

“ICBA thanks Jerome Powell and William Dudley for reaching out to ICBA to represent community banks on the ARRC. As the only advocacy organization that exclusively represents community banks, ICBA is well suited for this position,” ICBA President and CEO Camden R. Fine said. “The new committee will help ensure a successful transition from U.S. dollar LIBOR to the use of alternative reference rates, and ICBA will do its best to ensure a smooth transition for community banks as LIBOR is eventually phased out.”

The ARRC, a private-sector organization sponsored by the Federal Reserve Board and New York Fed, was originally convened by the Fed in 2014 and reconstituted in February 2018. The objective of the reconstituted ARRC is to ensure the successful implementation of a transition plan and serve as a forum to coordinate and track planning across cash and derivatives products as market participants currently using U.S. dollar LIBOR consider transitioning to alternative reference rates.

 

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Washington, D.C. (March 6, 2018)– The Independent Community Bankers of America® (ICBA) today thanked the House of Representatives for passing several pro-growth bills that will help community banks meet the needs of their local communities.

“ICBA thanks the House for passing much-needed community bank regulatory relief, which will promote economic and job growth in local communities,” ICBA President and CEO Camden R. Fine said. “These important bills will help ensure that community banks can continue supporting their local consumers and small businesses.”

The House passed the following bills inspired by ICBA’s Plan for Prosperity platform.

The Portfolio Lending and Mortgage Access Act (H.R. 2226), introduced by Rep. Andy Barr (R-KY), would provide a “qualified mortgage” safe harbor for all loans held in portfolio for institutions under $10 billion in assets.

The Comprehensive Regulatory Relief Act (H.R. 4607), introduced by Reps. Barry Loudermilk (R-GA) and Josh Gottheimer (D-NJ), would ensure that Economic Growth and Regulatory Paperwork Reduction Act regulatory reviews include the Consumer Financial Protection Bureau and occur every 7 years rather than every 10.

The Community Bank Reporting Relief Act (H.R. 4725), introduced by Rep. Randy Hultgren (R-IL), would provide for short-form call reports in the first and third quarters for banks with assets of less than $5 billion.

H.R. 2226 and H.R. 4725 are identical to provisions contained in the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) now being debated on the Senate floor. They join other House-passed bills that match provisions of S. 2155.

ICBA thanks the sponsors of these pro-growth bills and urges Congress to continue advancing them for the benefit of local communities.

 

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Washington, D.C. (March 6, 2018)– With the Senate beginning to vote today on the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), the Independent Community Bankers of America® is reiterating its strong support for this pro-community bank legislation. The ICBA-advocated bill would stimulate local economic growth by providing much-needed relief to community banks while preserving vital consumer protections and effective regulatory supervision.

“S. 2155 offers common-sense relief for our nation’s nearly 5,700 banks to promote localized lending and economic growth,” ICBA President and CEO Camden R. Fine said. “If you’re against S. 2155, you’re against community banks and the communities they support.”

S. 2155 includes numerous provisions from ICBA’s pro-growth Plan for Prosperity platform to:

  • provide “qualified mortgage” status for portfolio mortgage loans at most community banks,
  • exempt certain community bank loans from escrow requirements,
  • simplify community bank capital requirements,
  • create a short-form call report for use in the first and third quarters by certain well-rated community banks,
  • expand eligibility for the 18-month regulatory exam cycle to more community banks,
  • ease appraisal requirements to facilitate mortgage credit in local, rural communities,
  • exempt most community banks from the Volcker Rule,
  • expand access to the Federal Reserve’s Small Bank Holding Company Policy Statement to help more community banks build capital,
  • improve regulatory treatment of reciprocal deposits and certain municipal securities, and
  • provide relief for larger community banks, including higher asset thresholds for systematically important financial institution designations, and easing of stress testing and formal risk committee requirements.

“S. 2155 enjoys broad bipartisan support because it offers pro-growth relief for Main Street- not Wall Street,” said ICBA Chairman Scott Heitkamp, president and CEO of ValueBank Texas in Corpus Christi. “Any senator who supports their state’s community banks and believes in our mission to serve local communities should vote in favor of this critical legislation.”

S. 2155 has 26 bipartisan co-sponsors, including 13 Republicans, 12 Democrats, and one Independent. For a comprehensive look at ICBA and community banker advocacy on behalf of this legislation, visit ICBA’s “Community Bankers Support S. 2155” webpage. For more information on what’s in S. 2155, view ICBA’s summary of the bill’s key provisions by asset size.

 

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ATTENTION MEDIA:

The Senate is expected to vote next week on pro-community bank legislation, the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). The Independent Community Bankers of America® is offering a rundown of how the measure would benefit local communities.

What’s in the Bill:

The legislation, which passed the Senate Banking Committee in December on a strong bipartisan vote, includes numerous provisions from ICBA’s pro-growth Plan for Prosperity platform to:

provide “qualified mortgage” status for portfolio mortgage loans at most community banks,

exempt certain community bank loans from escrow requirements,

simplify community bank capital requirements,

create a short-form call report for use in the first and third quarters by certain well-rated community banks,

expand eligibility for the 18-month regulatory examination cycle to more community banks,

ease appraisal requirements to facilitate mortgage credit in local, rural communities,

exempt most community banks from the Volcker Rule,

expand access to the Federal Reserve’s Small Bank Holding Company Policy Statement to help more community banks build capital,

improve regulatory treatment of reciprocal deposits and certain municipal securities, and

provide relief for larger community banks, including higher asset thresholds for systematically important financial institution designations, and easing of stress testing and formal risk committee requirements.

Why S. 2155 Matters

S. 2155 would stimulate local economic growth by providing much-needed community bank regulatory relief while preserving vital consumer protections and effective regulatory supervision. Main Street community banks are burdened by regulations designed for Wall Street institutions, which is fueling banking industry consolidation and leaving local communities with fewer financial services options.

A recent survey from the Federal Reserve and Conference of State Bank Supervisors found that community bank compliance costs have increased by nearly $1 billion in the previous two years to 24 percent of their net income. Of the respondents who said they considered an acquisition offer in the past year, virtually all (96.7 %) cited regulatory costs.

Why Regulatory Relief Is Important:

Community banks are the economic lifeblood of local communities across the nation. While holding less than 20 percent of the nation’s banking assets, community bank fund more than 60 percent of small-business loans and more than 80 percent of U.S. agricultural loans. Further, community banks operate in areas many other banks won’t touch, serving as the only physical banking presence in nearly one in five U.S. counties, according to the FDIC.

Who Has Signed On:

S. 2155 enjoys broad bipartisan support from 26 co-sponsors, including 13 Republicans, 12 Democrats, and one Independent. Senate Banking Committee Chairman Mike Crapo (R-ID) and committee Democrats Joe Donnelly (D-IN), Heidi Heitkamp (D-ND), Jon Tester (D-MT), and Mark Warner (D-WV) spearheaded the legislation. Other co-sponsors include Sens. Bob Corker (R-TN), Tim Scott (R-SC), Tom Cotton (R-AR), Mike Rounds (R-SD), David Perdue (R-GA), Thom Tillis (R-NC), John Kennedy (R-LA), Jerry Moran (R-KS), Jim Risch (R-ID), Dean Heller (R-NV), Claire McCaskill (D-MT), Gary Peters (D-MI), Michael Bennet (D-CO), Christopher Coons (D-DE), Thomas Carper (D-DE), and Doug Jones (D-AL).

What Community Bankers Are Saying:

“S. 2155 offers much-needed relief for our nation’s nearly 5,700 community banks to promote localized lending and economic growth,” ICBA President and CEO Camden R. Fine said. “This important legislation is the culmination of a years-long effort to tailor regulations to our nation’s smaller and less risky community banks. If you’re against S. 2155, you’re against community banks and the communities they support.”

“S. 2155 enjoys broad bipartisan support because it offers pro-growth relief for Main Street- not Wall Street,” said ICBA Chairman Scott Heitkamp, president and CEO of ValueBank Texas in Corpus Christi. “Any senator who supports their state’s community banks and believes in our mission to serve local communities should vote in favor of this critical legislation.”

“Since the financial crisis, members of both political parties have lamented the decline in the number of community banks around the nation,” Kathryn Underwood, president and CEO of Ledyard National Bank in Hanover, N.H., wrote in a recent op-ed. “Now is the time for them to stand up for their communities and support the institutions like ours that make a meaningful impact every day.”

Want to Know More?

For a comprehensive look at ICBA and community banker advocacy on behalf of this legislation, visit ICBA’s “Community Bankers Support S. 2155” webpage. For more information on what’s in S. 2155, view ICBA’s summary of the bill’s key provisions by asset size.

To schedule an interview with a community banking expert, please contact Aleis Stokes at aleis.stokes@icba.org or (202) 821-4457 and Nicole Swann at nicole.swann@icba.org or (202) 821-4458.

 

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Washington, D.C. (Feb. 27, 2018)– Independent Community Bankers of America® President and CEO Camden R. Fine issued the following statement on today’s agency webinar on how community banks can implement the Current Expected Credit Loss accounting methodology.

“ICBA and the nation’s community banks commend the federal banking regulators for conducting today’s webinar and confirming that community banks can continue using their understanding of their local markets to comply with the Current Expected Credit Loss standard, which for most community banks will be effective in 2021. Regulators and the Financial Accounting Standards Board are doing their best to address ICBA concerns and ensure that CECL’s implementation is scalable and flexible for community banks and the communities they serve.

“Regulators today reaffirmed that community banks may use spreadsheet calculations, historical losses, qualitative adjustments, and loss-rate methods that are appropriate to their circumstances and risk profile. Rather than requiring local community banks to institute and maintain complex and expensive credit modeling systems, regulators are working to ensure local institutions can continue making localized financial decisions.

“ICBA will continue working with the banking regulators to ensure loan-loss reserve requirements are implemented by community banks with minimal expense and disruption to their local communities.”

 

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Washington D.C. (Feb. 14, 2018)– Independent Community Bankers of America® President and CEO Camden R. Fine today issued the following statement on Fannie Mae’s fourth-quarter net loss, which will require a capital infusion from the U.S. Treasury.

“Fannie Mae’s $6.5 billion net loss illustrates the need for policymakers to allow a stronger capital buffer at the government-sponsored enterprises to avoid additional taxpayer capital calls and potential harm to the housing-finance system. While the fourth-quarter loss was caused by a one-time write-down of deferred-tax assets due to tax reform, it nevertheless show that the reduction of GSE capital and systematic sweep of revenues into government coffers creates instability for taxpayers and the community banks that depend on Fannie Mae and Freddie Mac for direct access to the secondary mortgage market.

“Fannie and Freddie have transferred more than $280 billion to the Treasury since 2013- nearly $100 billion more than the capital infusion they received during the Wall Street financial crisis- yet they are not permitted to retain and maintain sufficient capital that can provide stability in the event of short-term losses, such as that created in the fourth-quarter from a legislative change to tax law. The Federal Housing Finance Agency and Treasury Department must ensure that the GSEs are afforded the opportunity to operate under safe and sound capital policies and parameters.

“ICBA supports GSE reform and continues to call on FHFA Director Mel Watt and Treasury Secretary Steven Mnuchin to end the sweep of GSE earnings and to allow both companies to adequately rebuild their capital buffers through retained earnings. Community banks depend on the liquidity that Fannie and Freddie provide, as do American homebuyers.”

 

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Washington D.C. (Feb. 8, 2018)– The Independent Community Bankers of America® (ICBA) today thanked the House of Representatives for passing ICBA-advocated legislation that would raise the consolidated assets threshold under the Federal Reserve’s Small Bank Holding Company Policy Statement from $1 billion to $3 billion.

Introduced by Rep. Mia Love (R-Utah), Josh Gottheimer (D-NJ) and Gregory Meeks (D-NY), the Small Bank Holding Company Relief Act (H.R. 4771) would allow more community bank and savings-and-loan holding companies to raise capital to better serve their communities while maintaining safeguards that limit risk. Inspired by ICBA’s Plan for Prosperity regulatory relief platform, the provision is also included in bipartisan legislation pending in the Senate- the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).

“ICBA strongly supports this legislation to promote additional lending on Main Street by improving community bank and thrift access to capital,” ICBA President and CEO Camden R. Fine said. “ICBA and the nation’s community bankers strongly encourage the Senate to enact this legislation and other pro-growth reforms by passing S. 2155.”

S. 1255 is strongly supported by ICBA and 43 affiliated state community banking associations. In a recent letter, the coalition urged senators to pass the legislation as quickly as possible and free of any amendments that would upset its bipartisan balance. The multipronged regulatory relief bill, which was driven by a bipartisan coalition and enjoys strong bipartisan support, includes numerous provisions inspired by ICBA’s Plan for Prosperity platform to provide relief from mortgage, capital, and data-reporting rules, among others.

 

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Washington D.C. (Feb. 5, 2018)– Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine released the following statement on the Federal Reserve’s penalties against Wells Fargo for pervasive and persistent misconduct that included the creation of millions of phony customer accounts.

“ICBA commends the Federal Reserve and former Chair Janet Yellen for heeding the community banking industry’s repeated calls for equitable treatment of Wells Fargo following the megabank’s repeated consumer abuses. Following ICBA’s calls last year to replace the Wells Fargo board and senior management, the newly announced restrictions on its growth, the removal of four board members, and the required improvements to its governance and risk management controls will help protect consumers from future mistreatment.

“While the Fed’s actions are a step in the right direction, regulators must ensure that all too-big-to-fail banks are held fully accountable for illegal actions- not just when public pressure is brought to bear. Had the Wells Fargo scandal taken place at a community bank, the board and senior managers would have been removed months ago and would be facing prosecution. All banks, regardless of size, should always be held equally accountable for misconduct.

“The wrongdoing at Wells Fargo and other systematically risky financial institutions has tarred the good reputations of thousands of community banks and bankers who serve their communities and customers honestly every day. ICBA continues to encourage the Fed and other regulators to ensure equitable treatment of Wall Street and Main Street financial institutions at all times.”

 

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Washington D.C. (Jan. 24, 2018)– The Independent Community Bankers of America® (ICBA) today thanked the House Financial Services Committee for passing several pro-growth bills that will help community banks meet the needs of their local communities.

“ICBA thanks Chairman Jeb Hensarling and other members of the committee for again passing much-needed community bank regulatory relief, which will promote economic and job growth in local communities,” ICBA President and CEO Camden R. Fine said. “This important legislation will help ensure that community banks can continue supporting their local consumers and small businesses.”

  • The committee passed the following bills inspired by ICBA’s Plan for Prosperity platform. The Community Financial Institution Exemption Act (H.R. 1264), introduced by Rep. Roger Williams (R-TX), would exempt community banks with less than $50 billion in assets from all prospective rules and regulations issued by the Consumer Financial Protection Bureau.
  • The Federal Savings Association Charter Flexibility Act of 2017 (H.R. 1426), introduced by Rep. Keith Rothfus (R-PA), would create a new national charter option for federal savings associations.
  • The Portfolio Lending and Mortgage Access Act (H.R. 2226), introduced by Rep. Andy Barr (R-KY), would provide a Qualified Mortgage safe harbor for all loans held in portfolio.
  • The Comprehensive Regulatory Review Act (H.R. 4607), introduced by Reps. Barry Loudermilk (R-GA) and Josh Gottheimer (D-NJ), would ensure that Economic Growth and Regulatory Paperwork Reduction Act regulatory reviews include the Consumer Financial Protection Bureau and occur every 7 years rather than every 10.
  • The Community Bank Reporting Relief Act (H.R. 4725), introduced by Rep. Randy Hultgren (R-IL), would provide for short-form call reports in the first and third quarters for banks with assets of less than $5 billion.
  • The Small Bank Holding Company Relief Act (H.R. 4771), introduced by Rep. Mia Love (R-UT), would raise the Federal Reserve’s Small Banking Holding Company Policy Statement asset threshold from $1 billion to $3 billion.

ICBA thanks the sponsors of these pro-growth bills and urges Congress to continue advancing them for the benefit of local communities.

 

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Washington D.C. (Jan. 18, 2018)- A coalition of 43 state community banking associations affiliated with the Independent Community Bankers of America® (ICBA) today called on the Senate to take up and pass bipartisan legislation to stimulate economic growth by providing much-needed community bank regulatory relief. The coalition letter urges senators to pass the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) as quickly as possible and free of any amendments that would upset its bipartisan balance.

“S. 1255, a robust package of community bank regulatory relief measures, is a rare opening for real, impactful relief that will strengthen economic growth, job creation, and consumer protection,” the coalition wrote. “It is the culmination of years of collaborative effort to achieve consensus among members of Congress across the spectrum and community bankers in their home states and districts.”

The multipronged regulatory relief bill was driven by a bipartisan coalition of lawmakers, including Senate Banking Committee Chairman Mike Crapo (R-ID) and committee Democrats Joe Donnelly of Indiana, Heidi Heitkamp of North Dakota, Jon Tester of Montana and Mark Warner of Virginia. The bill, which passed the Senate Banking Committee last month on a 16-7 vote, currently enjoys support from 11 Republicans, 11 Democrats, and 1 Independent.

The legislation includes provisions inspired by ICBA’s Plan for Prosperity regulatory relief platform to increase exemption thresholds for Home Mortgage Disclosure Act reporting, provide “qualified mortgage” status for portfolio mortgage loans at most community banks, and simplify community bank capital requirements, among many others.

ICBA looks forward to continuing to work with the Senate, House, and Trump administration on advancing and enacting this important legislation.

 

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Washington, D.C. (Jan.18, 2018)– The Independent Community Bankers of America® (ICBA) today announced the nominees for its 2018-2019 board of directors. ICBA’s board of directors will vote on the nominations during the 2018 ICBA national convention, ICBA Community Banking Live®, which will be held March 13-17 in Las Vegas.

Nominations for the 2018-2019 ICBA board of directors and their respective positions include:

  • Chairman: Timothy K. Zimmerman, CEO of Standard Bank of Monroeville, PA
  • Chairman-elect: Preston L. Kennedy, President & CEO of Zachary Bancshares, Inc. of Zachary, LA
  • Vice Chairman: Noah W. Wilcox, President, CEO & Chairman of Grand Rapids State Bank of Grand Rapids, MN
  • ICBA President & CEO: Camden R. Fine of Washington, D.C., to be succeeded by Rebeca Romero Rainey of Washington, D.C.
  • Treasurer: Kathryn Underwood, President & CEO of Ledyard National Bank of Hanover, NH
  • Secretary: Christopher Jordan, President & CEO of the Farmers State Bank of Stigler, OK
  • Immediate Past Chairman: R. Scott Heitkamp, President & CEO of ValueBank Texas of Corpus Christi, TX
  • Past Chairman: Jack A. Hartings, President & CEO of the Peoples Bank Co. of Coldwater, OH
  • Past Chairman: John H. Buhrmaster, President & CEO of 1st National Bank of Scotia, NY
  • Past Chairman: William A. Loving Jr., President & CEO of Pendleton Community Bank of Franklin, WV
  • At-large Director and Federal Delegate Board Representative: John V. Evans Jr., President & CEO of D.L. Evans Bank in Burley, ID
  • At-large Director and Federal Delegate Board Representative: G. Scott McComb, Chairman, President & CEO of Heartland Bank of Gahanna, OH
  • At-large Director: Steven J. Handke, President & CEO of the Union State Bank of Everest, KS
  • At-large Director: Lucas White, President of the Fountain Trust Co. of Covington, IN
  • Bank Education Committee Chairman: Brad Bolton, President, CEO & Senior Leader of Community Spirit Bank, Red Bay, AL
  • Bank Services Committee Chairman: Mark Hesser, President of Pinnacle Bancorp of Omaha, NE
  • ICBPAC Chairman: Robert M. Fisher, Chairman, President & CEO of Tioga State Bank of Spencer, NY
  • Policy Development Committee Chairman: Derek B. Williams, President & CEO of Century Bank & Trust of Milledgeville, GA
  • Bank Operations and Payments Committee Chairman: Alice Frazier, President & CEO of Bank of Charles Town, WV
  • Corporate Secretary: Terry J. Jorde of Washington, D.C.

 

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Tell the House to Act on Reg. Relief

Apr. 18, 2018

While signatures pour in for ICBA’s regulatory relief petition, ICBA continues calling on community bankers to tell the House to pass S. 2155 via ICBA’s Be Heard grassroots action center.

The action center makes it easy for community bankers to urge their representatives to act immediately on the bill, which offers relief from mortgage, capital, data-reporting and many other rules and regulations.

Meanwhile, community bankers who have not joined ICBA’s petition drive supporting S. 2155 can still make their voices heard. ICBA encourages all community bankers to sign the petition and enlist staff, colleagues, directors, friends, and allies in the petition drive.

The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155)—which President Trump has pledged to sign into law— passed the Senate last month on a bipartisan 67-31 vote.

Now is the time for community bankers to break the deadlock in the House and achieve meaningful relief.

Contact the House Today
Join ICBA’s Petition Drive

 

 

 

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ICBA, ABA Reiterate Key Farm Bill Priorities

Apr, 18, 2018

ICBA and the American Bankers Association thanked the chairmen and ranking members of the House and Senate Agriculture Committees for their commitment to a new farm bill, which is vital to the economic viability of rural communities.

In a joint letter ahead of today’s House Agriculture Committee markup of Chairman Mike Conaway’s draft farm bill (H.R. 2), the organizations said they support a strong crop insurance program.

The letter also advocates and enhancements and greater flexibility for USDA guaranteed farm loan and other rural development programs. And it strongly opposes any expansion of Farm Credit System lending or investing authorities.

The joint letter follows ICBA’s recent release of its “Focus on Farm Policy” white paper outlining principles and proposed solutions for the new multi-year farm bill. The current bill expires Sept. 30.

Read Joint Letter
Access ICBA’s White Paper

 

 

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Agencies Propose Phasing in CECL

Apr. 18, 2018

The federal banking agencies proposed revising regulatory capital rules to allow banks to phase in the Current Expected Credit Losses methodology.

The proposal would allow banks to phase in the day-one regulatory capital effects of CECL adoption over three years.

Comments on this proposal will be accepted for 60 days after publication in the Federal Register.

Read More from Regulators

 

 

 

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House Passes Community Bank Volcker Rule Exemption

Apr. 16, 2018

The House passed ICBA-advocated legislation to exempt community banks with less than $10 billion in assets from the Volcker Rule.

The Volcker Rule Regulatory Harmonization Act (H.R. 4790), sponsored by Reps. French Hill (R-Ark.) and Bill Foster (D-Ill.), passed on a bipartisan 300-104 vote.

Inspired by ICBA’s Plan for Prosperity, the legislation passed as the House prepares to take up community bank regulatory relief following Senate passage of S. 2155, which also contains the Volcker Rule provision.

Community bankers can continue the push with ICBA’s regulatory relief petition drive and Be Heard grassroots advocacy center.

 

 

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House Ag Committee Chairman Releases Farm Bill

Apr. 13, 2018

House Agriculture Committee Chairmn Michael Conaway (R-TX) introduced a draft farm bill, the Agriculture and Nutrition Act of 2018 (H.R. 2)

The legislation would make modest changes to current programs while protecting crop insurance and reauthorizing the Agriculture Risk Coverage and Price Loss Coverage programs.

The draft bill would raise guaranteed farm loan limits to $1.75 million from $1.4 million, less than advocated by ICBA. ICBA is reviewing the language.

Democrats are expected to oppose the legislation due to changes to the nutrition title, which could make passage on the House floor difficult.

The House Agriculture Committee intends to begin marking up the bill at 10 a.m. (Eastern time) Wednesday. The Senate Agriculture Committee is expected to hold a markup next month.

ICBA recently released a “Focus on Farm Policy” white paper outlining principles and proposed solutions for the new multi-year farm bill. The current bill expires Sept. 30.

Read the Bill Text and Summary
Access ICBA’s White Paper

 

 

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Community Bankers Wrap Hundreds of Hill Meetings

Apr. 11, 2018

Community bankers wrapped up hundreds of advocacy meetings with members of Congress on Capitol Hill as part of the 2018 ICBA Capital Summit.

In meetings with House and Senate lawmakers and staff, community bankers advocated passing meaningful regulatory relief, modernizing the Bank Secrecy Act, ending credit union tax subsidies, passing a new farm bill, and reforming the housing-finance system.

Community bankers can make their voices heard and continue the momentum by promoting ICBA’s nationwide regulatory relief petition drive and contacting Congress via ICBA’s Virtual Capital Summit.

Sign ICBA’s Petition Today >
Contact Congress Today >

 

 

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Toomey Urges Community Bankers to Continue Reg. Relief Push

Apr. 11, 2018

Senate Banking Committee member Patrick Toomey (R-PA) encouraged community bankers gathered at ICBA’s 2018 Capital Summit to push as hard as possible for passage of meaningful regulatory relief.

As attendees prepared for meetings on Capitol Hill with their members of Congress, Toomey noted that the Senate-passed S. 2155 would improve mortgage lending, access to capital, the exam environment and more.

Community bankers back home can join their colleagues in Washington for grassroots outreach by promoting ICBA’s nationwide regulatory relief petition drive and contacting Congress via ICBA’s Virtual Capital Summit.

Noting that he helped found a community bank and has experienced regulatory overreach firsthand, Toomey said excessive regulation has “destroyed” de novo formation and furthered harmful industry consolidation.

The chairman of the financial institutions subcommittee also said the banking panel will continue working to build on the regulatory relief contained in S. 2155, such as by nullifying the CFPB’s indirect auto lending guidance using the Congressional Review Act. He also cited unfinished work on flood insurance, housing-finance reform, and other issues.

The ICBA Capital Summit continues today with remarks from ICBA President and CEO Cam Fine and additional congressional meetings on Capitol Hill.

Sign ICBA’s Petition Today >
Contact Congress Today >

 

 

 

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Regulators Discuss Risk-Management Role of Cyber Insurance

Apr. 11, 2018

Federal banking regulators issued a joint statement on what financial institutions should consider when determining whether to use cyber insurance as a component of their risk-management programs.

The statement notes that while the regulators do not require financial institutions to maintain cyber insurance, cyberattacks are increasing in volume and sophistication and might not be effectively covered by traditional insurance policies.

Read the Joint Statement

 

 

 

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Thieves Scamming Business Chip Cards: Secret Service

Apr. 11, 2018

The U.S. Secret Service recently warned financial institutions about a new scam involving the theft of chip-based debit cards issued to large corporations.

According to an alert that was sent to banks last month and picked up by the Krebs on Security blog, the scheme involves fraudsters who intercept new debit cards in the mail and replace the chips with those from old cards.

When the unsuspecting business receives and activates the modified card, thieves can start draining funds from the account.

Read the Blog Post

 

 

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CFPB’s Mulvaney: Congress Needs to Hear from Community Banks

Apr. 10, 2018

Consumer Financial Protection Bureau Acting Director Mick Mulvaney encouraged community bankers to educate members of Congress during legislative meetings at this week’s 2018 ICBA Capital Summit.

In an onstage discussion with ICBA President and CEO-elect Rebeca Romero Rainey at yesterday’s summit launch in Washington, Mulvaney said lawmakers need to hear the concerns of community bankers. He noted that community banks did not cause the financial crisis, though they bear the disproportionate share of the regulatory burden.

Community bankers not in Washington for this week’s summit can join in the grassroots outreach by promoting ICBA’s nationwide regulatory relief petition drive and contacting Congress via ICBA’s Virtual Capital Summit.

On the topic of his role as acting CFPB director, Mulvaney said he is focused on enforcing the laws as they were written by Congress and going no further. He said the role of CFPB director is too powerful and should not be used to make laws, which is the job of Congress.

“We are going to do what the law says,” Mulvaney said. “We will not make things up along the way.”

Sign ICBA’s Petition Today >
Contact Congress Today >

 

 

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OCC’s Otting: Any Fintech Charter Must Require Regulatory Consistency

Apr. 10, 2018

Comptroller of the Currency Joseph Otting said the OCC is working to finalize its position on special-purpose fintech charters, pledging that any charter would hold fintechs to the same rules and regulations as banks.

Speaking at ICBA’s Capital Summit in Washington, Otting said the agency will take a stance on the fintech charter in roughly 60 to 90 days. He also said the OCC plans to propose Bank Secrecy Act regulatory updates and join an agency plan to reform the Community Reinvestment Act, both in the coming weeks.

Otting, a former banker who said community bankers are “dream makers,” also expressed support for the Senate-passed Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155). He said sending the bill to the president’s desk following Senate passage would be “momumental.”

Community bankers can make their voices heard in support of the legislation with ICBA’s regulatory relief position and Virtual Capital Summit.

 

 

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Trump Touts Reg. Relief Bill as ICBA Petition Continues

Apr. 06, 2018

President Donald Trump reiterated his support for ICBA-advocated legislation to provide community bank regulatory relief. At a tax-reform event in West Virginia, Trump said final passage of the Senate-passed S. 2155 “should be done fairly quickly” to bolster community bank lending.

ICBA continues urging participation in its nationwide petition drive calling on the House to immediately pass substantial community bank regulatory relief. Following the Senate’s strong bipartisan passage of S. 2155, ICBA wants to ensure momentum for relief is not derailed.

ICBA is encouraging all community bankers, staff and bank directors to join this important petition drive and enlist customers and community banking allies in the effort.

Sign ICBA’s Petition Today

 

 

 

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Blog Spotlights Community Banks Difference Makers

Apr. 06, 2018

A new post on ICBA’s Go-Local blog highlights community bankers as agents of change, working to improve the financial standing of their customers and the vibrancy of their communities.

The blog post spotlights community bankers acting as financial advisers, specialty lenders and civic servants as a reminder of the central role they play in helping local economies thrive.

Meanwhile, ICBA continues offering its Marketing and Communications Toolkit to help community bankers celebrate Community Banking Month in April. The toolkit features a new video, customizable op-eds and press releases, social media messaging, and more.

Use the #BankLocally hashtag to stay current on toolkit additions and planned social media communications.

Read the Blog Post
Access ICBA’s Toolkit

 

 

 

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Fine: Sign Petition Urging Fast Reg. Relief Passage

Apr. 05, 2018

ICBA President and CEO Cam Fine called on community bankers, customers and allies to sign ICBA’s petition urging the House to immediately pass substantial regulatory relief.

In a message to community bankers, Fine said ICBA wants to seize the moment following the Senate’s bipartisan passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).

“Immediate House passage of the community bank relief is needed to continue the momentum and ensure bipartisan support for relief is not derailed at the last minute,” Fine wrote. “President Trump has pledged to sign S. 2155 into law, so we cannot afford further delay or inaction.”

Sign ICBA’s Petition Today
Read Fine’s Message

 

 

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Be Heard in Washington Now With Virtual Capital Summit

Apr. 04, 2018

With many community bankers gathering in Washington for next week’s 2018 Capital Summit, community bankers everywhere can be heard in the nation’s capital with the Virtual Capital Summit.

The online grassroots action center makes it easy for community bankers to contact their lawmakers on top policy priorities, including regulatory relief, ending credit union and Farm Credit System tax subsidies, and passing a farm bill.

Contact Congress Today >
Register for ICBA Capital Summit >

 

 

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Treasury Recommends ICBA-Advocated CRA Reforms

Apr. 04, 2018

The Treasury Department released recommendations to modernize the Community Reinvestment Act.

The Treasury memorandum includes ICBA-advocated recommendations to clarify the types of products and services that will receive credit, improve examination clarity and flexibility, and promote more efficient exams.

In its January letter to Treasury on modernizing CRA, ICBA also advocated higher asset thresholds to reflect the growth of the community banking industry and subjecting tax-exempt credit unions to CRA.

ICBA’s letter followed a meeting with Treasury on CRA modernization.

Read Treasury Recommendations
Read ICBA Letter on CRA

 

 

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Community Bank Service Award Nominations Now Open

Apr. 04, 2018

ICBA is now accepting nominations for the 2018 ICBA National Community Bank Service Awards, sponsored by FIS.

The annual awards recognize community banks that provide outstanding, hands-on volunteer community service efforts to their local communities.

All types of community service efforts, from community development to financial literacy to disaster relief and beyond, are recognized.

Nominations close April 30.

Learn More and Submit Nominations

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CFPB Asks Congress to Limit Its Authority

Apr. 04, 2018

The Consumer Financial Protection Bureau called on Congress to make four changes to the Dodd-Frank Act to reform the bureau.

In its first semi-annual report under Acting Director Mick Mulvaney, the CFPB recommended that Congress:

  • fund the bureau through congressional appropriations,
  • require legislative approval of major rules,
  • ensure that the CFPB director answers to the president in exercising executive authority, and
  • create an independent inspector general at the bureau

Read More from CFPB

 

 

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CFPB Updates Mortgage-Servicing Compliance Guide

Apr. 04, 2018

The Consumer Financial Protection Bureau updated its Small Entity Compliance Guide to support implementation of the 2016 mortgage-servicing final rule.

The updates include information on recent amendments designed to give servicers more latitude in providing periodic statements to consumers entering or exiting bankruptcy.

The CFPB also created a coverage chart of servicing provisions under Regulations X and Z.

Access the CFPB Guide

 

 

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Regulators Finalize Latest Call Report Revisions

Apr. 02, 2018

Federal regulators finalized revisions to help streamline the quarterly call report by removing certain data items and raising reporting thresholds.

Combined with prior revisions, approximately 51 percent of required data items for smaller and less complex institutions have been changed, the agencies said.

The agencies are hosting a webinar at 1 p.m. (Eastern time) this Thursday on the changes, which will take effect for the June 30 report date.

ICBA has been a strong proponent of streamlining the call report and continues to advocate a short-form call report that community banks would file in the first and third quarters of each year—a key provision in pending regulatory relief legislation.

Read More from FDIC
Learn More About Webinar

 

 

 

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Fannie, Freddie Transder $20.6B in Credit Risk in ’17

Mar. 30, 2018

Fannie Mae and Freddie Mac last year transferred $20.6 billion of credit risk on $689 billion in mortgages to the private sector, the Federal Housing Financing Agency said.

In a progress report on the enterprises’ credit risk transfer transactions, the FHFA said they have transferred roughly $69 billion of credit risk since 2013.

View the FHFA Report

 

 

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In Parting Shot, Hoenig Says Strong Standards Allow for Relief

Mar. 29, 2018

In his last policy address as FDIC vice chairman, Thomas Hoenig encouraged policymakers to ease the regulatory burden on community banks while maintaining strong prudential standards.

Speaking in Washington, Hoenig listed rules that could be eliminated or simplified for community banks, such as Basel capital rules, Home Mortgage Disclosure Act reporting, and examination cycles.

Hoenig, whose six-year term at the FDIC is expiring, said community and regional banks are better positioned for regulatory relief than the largest banking firms. He encouraged policymakers to maintain strong prudential standards—such as maintaining strong capital levels and a modified version of the Volcker Rule—which could allow less burdensome administrative rules.

While supporting a mandatory 10 percent capital level across the banking industry, he cited megabank resolution plans, or living wills, as a candidate for regulatory relief at the largest institutions.

“The failure to better understand the nature and disparate effect of regulations on the industry will be to increase the costs of banking and encourage ever-greater consolidation of the industry,” Hoenig said. “Prudential standards strengthen performance, while administrative procedural rules raise new barriers, increase costs, and discriminate against banks that are less able to absorb those costs.”

Read Hoenig’s Speech

 

 

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ICBA Outlines Ag Policies Ahead of Farm Bill Debate

Mar. 28, 2018

With Congress planning to write a new farm bill in the coming months, ICBA today released a white paper with its principles for a new multi-year farm bill.

ICBA’s white paper details its community banker-inspired farm policy reforms as lawmakers work to replace the current bill expiring Sept. 30.

ICBA’s “Focus on Farm Policy” white paper outlines key agricultural focus areas, including funding commodity programs and crop insurance, enhancing USDA farm loan programs, and reform the farm credit system.

It also includes Five Principles for the farm bill, such as regulatory relief and fair treatment of all stakeholders.

Access the White Paper
Read ICBA Release

 

 

 

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Fine: House Has Always Led on Reg. Relief

Mar. 27, 2018

The debate in Congress over whether the House should follow the Senate’s lead in passing meaningful regulatory relief legislation ignores the fact that the House took the lead in the first place, ICBA President and CEO Cam Fine wrote in a new op-ed.

“House Republicans don’t need to to make last-minute additions to the banking bill to trumpet their accomplishments,” Fine wrote in The Hill. “The fact that it finally passed the Senate after years of House leadership is an accomplishment itself.”

With the regulatory relief debate headed to the House, ICBA is urging community bankers to email and call their representatives to tell them to quickly advance meaningful relief following Senate passage of S. 2155.

Read Fine’s Op-Ed >
Email Your Representative Today >
Call Your Representative Now >

 

 

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GAO Recommends Fintech Regulatory Collaboration

Mar. 26, 2018

Regulators could better collaborate to oversee fintech firms and protect consumers from potential financial harm, the Government Accountability Office said in a new report.

Citing the varied and limited oversight of fintech firms dispersed among multiple state and federal regulators, the GAO encouraged agencies to define their roles, responsibilities and desired outcomes to increase their effectiveness.

The GAO also noted the various approaches of regulators in other countries. For example, some have established innovation offices to educate and interact with fintech firms. Others have used “regulatory sandboxes” that allow fintech firms to offer products on a limited scale to instruct firms and regulators.

ICBA contributed to the report, meeting with GAO researchers to provide the community banking perspective on fintech regulation.

Meanwhile, ICBA continues to offer its recently released Fintech Strategy Roadmap, which spotlights how community banks can develop fintech partnerships that fit within regulatory risk parameters.

Read GAO Report >
Access ICBA Roadmap >

 

 

 

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Spending Bill Re-Ups Flood Insurance, CDFI Fund

Mar. 22, 2018

Omnibus spending legislation to keep the government open reauthorizes the National Flood Insurance Program through July 31 and decouples it from government funding.

The extension, which is included in the $1.3 trillion spending package, gives lawmakers more time to consider a longer-term NFIP reauthorization. ICBA is working to ensure any long-term extension preserves community bank access to the program.

The omnibus bill also includes $250 million for the Community Development Financial Institutions Fund in fiscal 2018, as advocated by ICBA and other groups. ICBA supports consistent funding for the program, which promotes job growth and economic opportunity in the most distressed communities.

 

 

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House Panel Advances Community Bank Relief Bills

Mar. 21, 2018

The House Financial Services Committee advanced several regulatory relief bills, including measures inspired by ICBA’s Plan for Prosperity.

The Volcker Rule Regulatory Harmonization Act (H.R. 4790), sponsored by Rep. French Hill (R-Ark.), would exempt community banks with less than $10 billion in assets from the Volcker Rule. The Small Bank Exam Cycle Improvement Act of 2018 (H.R. 5076) would expand eligibility for the 18-month exam cycle to institutions with less than $3 billion in assets.

Both passed on strong bipartisan votes and reflect provisions in S. 2155. The committee markup came as the House prepares to take up community bank regulatory relief following the Senate’s passage of S. 2155.

 

 

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FDIC Reserve Ratio Ahead of Schedule

Mar. 20, 2018

The FDIC’s Deposit Insurance Fund is on track to reach its mandated reserve ratio ahead of schedule, the agency said.

In a report to the agency’s board of directors, FDIC staff said the DIF reserve ratio will likely reach 1.35 percent by the second half of this year, ahead of the Dodd-Frank Act’s September 2020 deadline.

It stood at 1.30 percent on Dec. 31.

Read the Agency Memo

 

 

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House Reg. Relief Push Underway Ahead of Recess

Mar. 20, 2018

With Congress heading home later this week for a two-week recess, ICBA is urging community bankers to call their district congressional offices in support of regulatory relief.

ICBA’s Be Heard grassroots action center makes it easy for community bankers to reach out to their House members on behalf of meaningful relief.

Following last week’s Senate passage of the bipartisan S. 2155 regulatory relief bill, ICBA is urging the House to quickly address regulatory relief when lawmakers return in April.

Call Your Representatives Now

 

 

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ICBA Launches Community Banking Month Video, Toolkit

Mar. 20, 2018

In preparation for Community Banking Month in April, ICBA updated its Marketing and Communications Toolkit.

The updated toolkit features ICBA’s 2018 video highlighting the important rule of community bankers, customizable op-eds and press releases, and new social media posts to help build brand awareness and promote customer engagement.

The toolkit also features best practices, interview tips and an updated editorial calendar to support community bank marketing plans and community outreach.

Community bankers can use the #BankLocally hashtag to stay current on new toolkit additions and planned social media communications that promote community banking.

Access ICBA’s Toolkit >

Labor Department Fiduciary Rule Vacated

Mar. 20, 2018

The Labor Department’s ICBA-opposed fiduciary rule was vacated by an appeals court. The U.S. Court of Appeals for the 5th Circuit overturned a lower court ruling upholding the rule, which required investment advisers to act in their clients’ best interest when providing retirement advice.

The Labor Department could ask for an appeals court rehearing or take the case to the U.S. Supreme Court, while the Securities and Exchange Commission is considering its own fiduciary rule.

ICBA has advocated a full repeal of the rule, arguing that it harms investors by reducing access to certain retirement savings offerings.

 

 

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ICBA, Community Bankers Thank Senate for S. 2155 Vote

Mar. 16, 2018

ICBA and community bankers assembled for ICBA Community Banking LIVE® thanked senators for passing substantial regulatory relief legislation.

In a letter to lawmakers, ICBA said community bankers are thrilled by the bipartisan vote and working to advance the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) to the president’s desk as soon as possible.

Meanwhile, community bankers gathered in Las Vegas teamed up with ICBA President and CEO-elect Rebeca Romero Rainey for a massive selfie thanking senators who supported the bill. “Thank you, senators, for voting yes on S. 2155,” Romero Rainey said from the convention stage.

The ICBA-advocated legislation passed Wednesday night on a bipartisan 67-31 vote, sending it the House of Representatives.

ICBA will continue working with community bankers to quickly advance the Plan for Prosperity-inspired legislation through the legislative process.

Keep Tabs on S. 2155
Follow the Convention on Twitter

 

 

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Heitkamp: Community Bankers Proven Difference-Makers

Mar. 16, 2018

Community bankers have again proven themselves to be difference-makers over the past year, ICBA Chairman Scott Heitkamp said at ICBA Community Banking LIVE in Las Vegas. Heitkamp cited the industry’s many achievements over the past year: meeting at the White House, advancing meaningful regulatory relief, and responding to catastrophic natural disasters.

“All of this success is sweet, but this doesn’t mean that you and I can sit back and relax,” said the president and CEO of ValueBank Texas in Corpus Christi. “We created a ripple effect, and our individual voices must remain strong. I know I will continue to make my voice heard.”

With the convention continuing today, community bankers can receive up-to-the-minute information with the ICBA 2018 Mobile App and by following #ICBALive18 on Twitter. Videos are also available on ICBA’s YouTube channel.

Learn More About the Convention

ICBA Preps for Community Banking Month with New Video

Mar. 16, 2018

As ICBA Community Banking LIVE begins drawing to a close, ICBA is carrying on the momentum and preparing to celebrate Community Banking Month this April. Community bankers can highlight how they help their communities thrive by sharing ICBA’s new Community Banking Month video.

ICBA on Tuesday is scheduled to launch a Community Banking Month marketing and communications toolkit with fresh resources, op-eds, press releases and social media posts.

View the Video
Share it on Social Media

 

 

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Senate Passes ICBA-Advocated Reg. Relief Bill

Mar. 15, 2018

The Senate passed ICBA-advocated legislation providing substantial community bank regulatory relief.

Following months of community bank grassroots outreach, the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) passed on a bipartisan 67-31 vote, sending it to the House of Representatives.

ICBA thanked the Senate for passing pro-community bank legislation and urged the House to advance needed regulatory relief immediately. Additionally, ICBA President and CEO Cam Fine thanked community bankers for making their voices heard on Capitol Hill and vowed to continue the push in the House.

“Together, we have cleared a major hurdle on the road to substantial regulatory relief,” Fine wrote. “Thank you for your support!”

S. 2155 includes numerous provisions from ICBA’s Plan for Prosperity platform, offering relief from mortgage, capital, data-reporting and many other rules and regulations. The bill has the Trump adminstration’s full support and would be signed into law upon passage in the House.

ICBA will continue working with community bankers to quickly send this important legislation through to the president’s desk.

Read ICBA Release
Read Message From Fine
Keep Tabs on S. 2155

 

 

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“Don’t Stop,” Fine Says in Final Convention Address

Mar. 15, 2018

ICBA President and CEO Cam Fine told community bankers at ICBA Community Banking LIVE® that the community banking industry is strong, united, and resilient.

In his final convention address after 15 years at the ICBA helm, Fine laid out the industry’s many achievements over that time- and urged continued diligence to advance S. 2155.

“Don’t stop until we get this bill signed by the president,” Fine told community bankers gathered in Las Vegas. “Don’t let the House off the hook.”

As he prepares to depart ICBA after 40 years in the industry, Fine said community banks are unique and should always retain their independence and core values. “Never let others use your reputation to their own ends,” he said. “You earned that reputation.”

 

 

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ICBA-Backed SBA Bills Advance in House, Senate

Mar. 15, 2018

ICBA-supported legislation to strengthen the Small Business Adminstration 7(a) program advanced in both the House and Senate Small Business Committees.

The bipartisan Small Business 7(a) Lending Oversight Reform Act (H.R. 4743 and S. 2283) would strengthen the SBA Office of Credit Risk Management and Lender Oversight Committee, codify the SBA’s “Credit Elsewhere Test,” and allow the SBA to lift the cap on general business loans if it is reached.

ICBA will continue working with members of the House and Senate to advance this legislation.

Read ICBA Release

 

 

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ICBA Presses Reg. Relief Bill Ahead of Final Senate Vote

Mar. 14, 2018

Bipartisan regulatory relief legislation awaiting a final Senate vote would go a long way toward creating a two-tiered regulatory system, ICBA President and CEO Cam Fine said from ICBA Community Banking LIVE® in Las Vegas.

In an interview on the convention’s Community Bank TV platform, Fine cited the substantial relief contained in the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).

With the bipartisan legislation coming to a final Senate vote as soon as today, ICBA is urging community bankers to continue using ICBA’s Be Heard grassroots action center to urge their senators to support S. 2155. Meanwhile, ICBA continues calling on mortgage lenders to help clear up the misinformation about S. 2155’s HMDA provision.

In its latest letter to the Senate, ICBA thanked the 66 bipartisan senators who voted this week to bring S. 2155 to a vote. “A vote for S. 2155 is a vote for community banks and the communities that depend on them,” ICBA wrote.

Call and Email Your Senators Now
Mortgage Lenders: Take Action

 

 

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CFPB Updates Guides on Prepaid Rule

Mar. 14, 2018

The Consumer Financial Protection Bureau updated its resources on its 2016 prepaid rule to reflect amendments announced earlier this year.

The CFPB’s Prepaid Rule Small Entity Compliance Guide and the Guide to Preparing the Short Form Disclosure for Prepaid Accounts are available on the rule’s implementation webpage.

Access the CFPB Resources

 

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ICBA Urges Committees to Advance SBA 7(a) Bill

Mar. 14, 2018

ICBA thanked the House and Senate Small Business Committees for marking up ICBA-supported legislation to safeguard the Small Business Adminstration’s 7(a) program.

Both committees are scheduled to take up the legislation today. The bipartisan Small Business 7(a) Lending Oversight Reform Act (H.R. 4743 and S. 2283) would codify the SBA’s “Credit Elsewhere Test,” allow the SBA to lift the cap on general business loans if it is reached, and more.

Read ICBA Letter

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Long Term Parking: Multifamily MBS Can Serve Core Portfolio Needs

by Jim Reber

Mar. 14, 2018


Two thousand eighteen could be the year of the big investment portfolio shake-out. In particular, with industry earnings poised to jump this year, there could be a big increase in demand for tax-free securities. The only problem is state and local governments aren’t cooperating by stepping up their borrowing; in fact, for the first two months of 2018, new issuance was 38 percent behind the same period last year. This supply/demand mismatch helps explain why muni prices have fallen a lot less than benchmark Treasuries have this year.

Faced with limited options about what to buy on the longer end of the duration scale, more and more community banks are investing in a product that has some similar characteristics to the mortgage-backed securities (MBDs) most already own: Fannie Mae and Freddie Mac multifamily securities. We’ll examine how these work, and why they appeal to many investors.

ICBA Sets Record Straight on S. 2155 as Senate Vote Approaches

Mar. 13, 2018

With opponents of bipartisan community bank regulatory relief legislation falsely claiming that it would disrupt Home Mortgage Disclosure Act reporting, ICBA is speaking out. In a national news release, ICBA noted that the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) would maintain longstanding HMDA data fields.

“It’s time to clear up some of the misinformation that is spreading about S. 2155- it does not at all affect longstanding and already-detailed Home Mortgage Disclosure Act data-collection requirements,” ICBA President and CEO Cam Fine said.

Under S. 2155, lenders would still be required to collect and report the 23 HMDA data fields in place prior to the Consumer Financial Protection Bureau’s 2015 HMDA rule. The legislation exempts certain low-volume community banks with satisfactory or better Community Reinvestment Act ratings from the 25 additional data fields mandated by the 2015 rule.

In its latest letter to the Senate, ICBA noted that despite red herrings and distractions that have emerged during the S. 2155 debate, a vote against the measure is a vote against community banks.

With the final Senate vote on S. 2155 expected this week, ICBA is urging community bankers to continue using ICBA’s Be Heard grassroots action center to urge their senators to support S. 2155. Meanwhile, ICBA continues calling on mortgage lenders to help clear up the misconceptions about S. 2155’s HMDA provision.

Call and Email Your Senators Now
Mortgage Lenders: Take Action

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SBA 7(a) Bill Slated for Committee Votes This Week

Mar. 13, 2018

The House and Senate Small Business Committees are scheduled to mark up ICBA-supported legislation to safeguard the Small Business Adminstration’s 7(a) program so community banks can continue to use the program responsibly.

The bipartisan Small Business 7(a) Lending Oversight Reform Act (H.R. 4743 and S. 2283), which ICBA supported in testimony earlier this year, would strengthen the SBA Office of Credit Risk Management and Lender Oversight Committee, codify the SBA’s “Credit Elsewhere Test,” and allow the SBA to lift the cap on general business loans if it is reached.

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Senate Taking Up Revised Reg. Relief Bill

Mar. 12, 2018

The Senate today resumes its debate over community bank regulatory relief legislation inspired by ICBA’s Plan for Prosperity. With a final vote expected in the coming days, ICBA continues urging community bankers to call and email their senators in support of the bill.

Following the initial debate last week, the bill’s chief co-sponsors introduced an updated version of the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), which ICBA details in an updated bill summary. In a Senate letter, ICBA urged lawmakers to support the update, which retains its focus on community bank regulatory relief.

Community bankers can continue using ICBA’s Be Heard grassroots action center to urge their senators to support S. 2155. Continued grassroots outreach is needed to ensure final Senate passage of this much-needed legislation.

Call and Email Your Senators Now
Access ICBA Bill Summary
Learn More About S. 2155

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Senate Reg. Relief Debate Resumes Next Week

Mar. 09, 2018

ICBA urged senators to support an updated version of the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) offered by the bill’s chief co-sponsors.

With the Senate adjourned and set to resume debate over the legislation next week, ICBA continues calling on community bankers nationwide to urge their senators to support S. 2155.

The amended legislation- which ICBA details in an updated bill summary– retains its focus on community bank regulatory relief. In a new infographic, ICBA spotlights the provisions of the bill that support rural lending and economic growth. It accompanies a previous ICBA infographic featuring six facts about how the bill benefits community banks and the communities they serve.

Meanwhile, ICBA’s media push on behalf of S. 2155 continues. ICBA’s Paul Merski told NPR’s Marketplace that the legislation is important to preserve a diverse and decentralized banking system.

Community bankers can continue using ICBA’s Be Heard grassroots action center to call and email their senators to urge support for S. 2155, which includes numerous provisions from ICBA’s Plan for Prosperity regulatory relief platform. A sustained grassroots effort is needed to push this landmark measure through the Senate.

Call and Email Your Senators Now
View Infographics and Learn More

 

 

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CFPB Amends Servicing Rule on Bankruptcy Statements

Mar. 09, 2018

The Consumer Financial Protection Bureau amended its 2016 mortgage-servicing rule to give servicers more latitude in providing periodic statements to consumers entering or exiting bankruptcy.

The final rule, which takes effect April 19, provides a clear single-statement exemption for servicers to transition to modified statements.

ICBA continues to ask the CFPB to delay and re-propose this section of the 2016 rule.

Access the Final Rule

 

 

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Farmer Mac Reports 2017 Results and Announces 61% Dividend Increase

Mar. 08, 2018

The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) today announced its results for the fiscal quarter and year ended December 31, 2017, which included $1.6 billion in new new business volume growth that brought total outstanding business volume to $19.0 billion as of December 31, 2017. Farmer Mac’s net income attributable to common stockholders for 2017 was $71.3 million ($6.60 per diluted common share), compared to $64.2 million ($5.97 per diluted common share), compared to $53.5 million ($4.98 per diluted common share) in 2016.

“2017  was a remarkable year for Farmer Mac,” said Chairman of the Board and Acting President and Chief Executive Officer Lowell Junkins. “Our success was driven by our team’s disciplined execution on our strategy, successful business development efforts, and industry conditions that continue to play to our strengths. Outstanding business volume grew $1.6 billion in 2017 and earnings grew double digits. Our strong capital position and earnings potential has allowed us to increase our first quarter common stock dividend by 61 percent and remain on track with our targeted 30 percent core earnings payout for 2018. The business opportunities in front of Farmer Mac are robust, and we continue to make significant investments in our people, technology, and infrastructure to maintain our leadership position in financing rural America.”

 

 

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ICBA-Advocated Reg. Relief Bill Set for Senate Vote

Mar. 07, 2018

With ICBA-advocated regulatory relief legislation advancing to final Senate vote as soon as today, ICBA continues calling on community bankers to urge their senators to support the bill.

The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) includes numerous provisions from ICBA’s Plan for Prosperity platform to ease the regulatory burden on community banks.

ICBA on Tuesday reiterated its support for S. 2155 ahead of a successful procedural vote in the Senate. By a bipartisan 67-32 vote, lawmakers agreed to limit debate on the measure and bring it to a vote on the Senate floor.

Community bankers can use ICBA’s Be Heard grassroots action center to call and email their senators to urge support for S. 2155, which offers substantial relief from mortgage, capital, data-reporting and many other rules and regulations.

Call and Email Your Senators Now!

 

 

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Reg. Relief Push Builds as S. 2155 Advances

Mar. 07, 2018

The Senate Banking Committee promoted the S. 2155 regulatory relief bill with a news release featuring supportive quotes from community bankers. The quotes from community bankers in several states discuss the positive local impact of the common-sense reforms contained in S. 2155.

Meanwhile, ICBA’s print and digital ad campaign supporting S. 2155 continues this week in The Washington Post, Politico, Axios and other outlets popular with members of Congress and staff. And as ICBA works to educate reporters on what’s in the bill, news coverage of it has improved, with balanced reporting running in Vox, The Los Angeles Times, and American Banker.

Take Action on S. 2155

 

 

 

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FHLBank Affordable Housing Program Updates Proposed

Mar. 07, 2018

The Federal Housing Finance Agency proposed amendments to the Federal Home Loan Banks’ Affordable Housing Program. The proposal would reduce regulatory redundancies to give the FHLBanks more flexibility to align their AHP funds with the affordable housing needs of their districts.

Read the Proposed Rule

 

 

 

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Fine: This is the Big One on Reg. Relief

Mar. 06, 2018

With the Senate set to begin taking up ICBA-advocated regulatory relief legislation today, ICBA President and CEO Cam Fine called on community bankers to make sure their voice is heard on Capitol Hill.

In a message to community bankers, Fine wrote that community bankers should weigh in early and often on behalf of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).

“The voices of community bankers everywhere- from the C-suite to the frontline to the board of directors- should be heard loud and clear throughout the halls of Congress,” Fine wrote. “S. 2155 must pass!”

Inspired by ICBA’s Plan for Prosperity regulatory relief platform, the bipartisan legislation offers substantial relief from mortgage, capital, data-reporting and many other rules and regulations.

Community bankers can use ICBA’s Be Heard grassroots action center to call and email their senators to urge support for S. 2155.

Call and Email Your Senators Now!

 

 

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ICBA Making News on Behalf of S. 2155

Mar. 06, 2018

The community banking industry’s media outreach on behalf of S. 2155 is continuing this week in key outlets.

Following an op-ed campaign from ICBA community bankers in recent weeks, Kathryn Underwood of Ledyard National Bank in Hanover, N.H., landed a new op-ed in American Banker advocating the bill’s support for relationship-based lending.

Among other coverage of S. 2155, ICBA’s Paul Merski was quoted in The New York Times on the bill’s balance and bipartisan support, and he appeared on a Heritage Foundation panel touting its focus on economic growth. Additionally, ICBA’s summary of S. 2155 appeared in Politico Morning Money.

Take Action on S. 2155!

House to Continue Reg. Relief in Series of Votes

Mar. 06, 2018

While the Senate takes up the comprehensive S. 2155, the House this week is slated to continue advancing Plan for Prosperity provisions in standalone legislation.

The House this week is scheduled to vote on the following ICBA-advocated bills:

  • The Portfolio Lending Mortgage Access Act (H.R. 2226), introduced by Rep. Andy Barr (R-KY), would provide a Qualified Mortgage safe harbor for all loans held in portfolio for institutions under $10 billion in assets.
  • The Comprehensive Regulatory Review Act (H.R. 4607), introduced by Reps. Barry Loudermilk (R-GA) and Josh Gottheimer (D-NJ), would ensure EGRPRA regulatory reviews include the CFPB and occur every seven rather than every 10.
  • The Community Bank Reporting Relief Act (H.R. 4725), introduced by Rep. Randy Hultgren (R-IL), would provide for short-form call reports in the first and third quarters for banks with assets of less than $5 billion.

Quarles: Regulators Planning Volcker Rule Update

Mar. 06, 2018

The regulation implementing the Volcker Rule is complex and not working well, Fed. Vice Chairman for Supervision Randal Quarles said.

Quarles said regulators are planning to propose material changes to simplify the Volcker Rule regulations, citing his support for a full community bank exemption.

In a comment letter last fall, ICBA called on regulators to exempt banking organizations with less than $50 billion in total assets from Volcker Rule restrictions, which is a key plan of ICBA’s Plan for Prosperity platform and included in S. 2155.

Be Heard Ahead of Major Reg Relief Vote

Mar. 05, 2018

The Senate is set to vote tomorrow on much-needed regulatory relief legislation, and ICBA is calling on community bankers nationwide to urge their senators to support the bill.

The Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) is the culmination of years of grassroots outreach on behalf of tailored community bank regulations. This bipartisan legislation- based on ICBA’s own Plan for Prosperity platform- offers substantial relief from mortgage, capital, data-reporting, and many other regulations.

Community bankers should weigh in early and often this week using ICBA’s Be Heard grassroots action center. This online resource makes it easy for community bankers to call and email their senators on behalf of S. 2155.

Call and Email You Senators Now!

ICBA Reg Relief Bill Set For Full Senate Vote

Mar. 02, 2018

The Senate is now scheduled to vote next week on community bank regulatory relief legislation- meaning now is the time for community bankers to double down on their outreach to senators in support of the bill through ICBA’s Be Heard advocacy center.

Senate Majority Leader Mitch McConnell filed cloture on the ICBA-advocated Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), settling the table for a vote by the full Senate.

To familiarize news media with S. 2155, ICBA released a media alert that included a detailed summary of the legislation’s positive impact on community banks and the communities they serve. The summary lays out the Plan for Prosperity-inspired bill and how it would promote local economic growth and mitigate industry consolidation.

While S. 2155 enjoys broad bipartisan support, it has begun facing attacks from anti-reform policymakers and outside advocacy groups.

To ensure full Senate passage, community bankers can use ICBA’s grassroots action center to tell their senators to vote in favor of this much-needed legislation.

Contact Your Senators Today
View ICBA’s Media Advisory

ICBA Pushing Reg. Relief Bill at House Hearing

Feb. 27, 2018

Pending Senate regulatory relief legislation presents the best and most realistic opportunity for enacting much-needed regulatory-relief, ICBA told the House Small Business Committee today.

In a statement for today’s hearing on how red tape affects community banks and credit unions, ICBA reiterated its call for swift consideration of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) when it is sent over to the House from the Senate.

S. 2155- bipartisan regulatory relief legislation inspired by ICBA’s Plan for Prosperity- is expected to be taken up on the Senate floor next week. ICBA and community bankers have mounted a comprehensive campaign to build support for the bill, and continued outreach is needed to ensure final passage.

Community bankers can use ICBA’s grassroots action center to contact their lawmakers and urge passage of the much-needed legislation.

Contact Your Senators Today >

Reg Relief on the Agenda as Congress Returns

Feb. 26, 2018

With Congress returning to Washington this week. the Senate is preparing to begin its floor debate over ICBA-advocated regulatory relief legislation. The full Senate is expected to take up the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) in the coming days.

In a message to community bankers last week, ICBA President and CEO Cam Fine wrote that community bankers are well-positioned in the forthcoming debate, but need to continue weighing in with their lawmakers. Community bankers can use ICBA’s comprehensive grassroots action center to contact their lawmakers on behalf of the Plan for Prosperity-inspired bill.

“Thank you, community bankers, for your tireless efforts to advance this landmark legislation, but your continued outreach is truly needed to ensure final passage,” Fine wrote. “Please continue to stand up and be heard today!”

Contact Your Senators Today >

GAO Testifying Tomorrow on Community Bank Red Tape

Feb. 26, 2018

While the Senate prepares to take up community bank regulatory relief, the issue also will be discussed this week on the House side of Capitol Hill.

The House Small Business Committee is scheduled to meet tomorrow for a hearing on a Government Accountability Office report on how red tape affects community banks and credit unions. GAO Director of Financial Markets and Community Investment Michael Clements will testify.

Also tomorrow, the FDIC releases its fourth-quarter Quarterly Banking Profile and Federal Reserve Chairman Jerome Powell will testify before the House Financial Services Committee on the Fed’s monetary policy report to Congress. Powell will be back on the Hill Thursday to testify before the Senate Banking Committee.

Regulators Release 2018 HMDA Reporting Guide

Feb. 22, 2018

The Federal Financial Institutions Examination Council released the 2018 edition of its guide to Home Mortgage Disclosure Act reporting.

Developed by FFIEC agencies, the 2018 version reflects HMDA reporting updates that took effect on Jan. 1 and includes additional implementation materials in the appendices.

Access the HMDA Reporting Guide

Supreme Court Won’t Hear Challenge Fannie, Freddie Profit Sweep

Feb. 22, 2018

The U.S. Supreme Court left in place a lower court ruling limiting lawsuits from Fannie Mae and Freddie Mac shareholders over the federal government’s sweep of the enterprises’ profits.

The high court declined to hear the case from shareholders led by Perry Capital challenging the federal government’s authority to direct dividends to the U.S. Treasury.

ICBA last week repeated its cal for policymakers to end the sweep of the government-sponsored enterprises’ earnings after Fannie reported a quarterly loss that will require a $3.7 billion capital infusion from the U.S. Treasury.

House Passes More ICBA-Backed Reg Relief Bills

Feb. 15, 2018

The House passed two ICBA-advocated bills to ease regulatory burdens on community banks and implement provisions from ICBA’s Plan for Prosperity platform.

The Protecting Consumers’ Access to Credit Act of 2017 (H.R. 3299) would provide that a loan that is valid under federal law will remain valid when sold or reassigned to a third party- restoring the “valid-when-made” doctrine.

Sponsored by Reps. Patrick McHenry (R-NC) and Greg Meeks (D-NY) and passed on a 245-171 vote, the bill would overturn the Madden v. Midland Funding case, in which the Second Circuit decided that state usury laws apply to debt purchased from a national bank.

The House also passed the TRID Improvement Act (H.R. 3978), sponsored by Reps. French Hill (R-AR) and Ruben Kihuen (D-NV). The bill, which passed 271-145, clarifies the disclosure of homeowners’ title insurance to mitigate consumer confusion.

ICBA Offers Full Resource Center on Reg Relief Bill

Feb. 14, 2018

ICBA now offers a one-stop shop with resources on its multifaceted campaign supporting major community bank regulatory relief legislation.

The resource center spotlights ICBA’s comprehensive push for passage of the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).

The webpage includes ICBA’s new regional ad campaign urging key senators to vote to pass S. 2155 while thanking those who have already signed on to the bill. It also lists co-sponsors and includes links to ICBA’s Be Heard grassroots action center, which allows community bankers to email and tweet their senators in support of S. 2155.

The bill awaits a full Senate vote after passing the Senate Banking Committee on a bipartisan basis in December. Continued outreach is needed to ensure passage.

Learn more and take action here!

ICBA: More, Not Fewer, Community Banks Needed

Feb. 08, 2018

Those who encourage banking consolidation for private gain fail to recognize its significant societal cost in decreasing access to financial services, ICBA President and CEO-elect Rebeca Romero Rainey wrote in a new op-ed.

Responding to an American Banker op-ed that said the United States would be better served with half as many banks, Romero Rainey wrote that we should be encouraging not mergers that shrink the size of the industry, but new entrants that will expand it.

“We’ve consolidated enough,” Romero Rainey wrote. “Instead, tailoring our regulatory system and easing the compliance burden will help promote access to financial services that puts customers and local communities first.”

Read Romero Rainey’s Op-Ed here

Fine Points: “The Overbanked Fallacy”

by Camden R. Fine, President & CEO of ICBA

 

There is a conspicuous element of the banking sector that encourages what community bankers view as a dangerous trend: the consolidation of the banking industry into fewer and fewer hands. Representatives of the largest banking organizations, most recently BB&T chairman and CEO Kelly King, frequently argue that there are too many banks in the United States. Despite the many risks posed by risking industry concentration, we hear again and again that the nation is overbanked.

In fact, our banking system is plagued not only by oversupply but by consolidation, which has shrunk the number of US banks from more than 18,000 to fewer than 5,800 in just three decades. This excessive consolidation has led to too few community banks, particularly in areas where scarce capital is needed the most…

Closing Out A Momentous Year

by Scott Heitkamp, Chairman of ICBA

As I look back at 2017, my mind immediately rewinds to August and September, when we witnessed firsthand the devastation of our community due to Hurricane Harvey and the devastation of communities in the paths of Hurricanes Irma and Maria.

It was one tough hurricane season, to say the least. Whenever I think of it, my heart sinks for all those affected, including my own staff, customers, and family. However, I’m quickly reminded of the wonderful calls I received from community bankers across the country during those first fateful days. I cannot begin to express the gratitude I felt to those who reached out- some of whom I knew and others I didn’t- just to see if I was OK and if I needed anything. This was a true measure of the lively heartbeat of community banking. Everyone was there for me, my bank, and my community…

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