ICBA unveiled its new legislative and regulatory policy platform: ” Community Focus 2020: The Community Bank Agenda for Expanding Economic Opportunity“. The multifaceted agenda advocates common-sense reforms that will promote greater access to financial services and economic opportunity throughout local communities nationwide.
Community Focus 2020 includes policy prescriptions on the following issues areas:
- Regulatory Relief: ensuring common-sense reforms that tier regulations to community banks’ scale and risk profile, including capital standards and the bank exam environment, to better promote the flow of credit and economic opportunity for all individuals and families.
- More Competitive Landscape: Promoting a fair playing field between current providers of financial services, such as community banks, and new entrants in the marketplace while scrutinizing the taxpayer-subsidized advantages enjoyed by tax-exempt credit unions and Farm Credit System lenders.
- Community Bank Innovation: Promoting financial innovation and collaboration with fintech companies as well as regulations that foster a level playing field across the financial sector.
- Bank Secrecy Act/Anti-Money Laundering: Addressing outdated BSA/AML rules to make them more efficient and effective by raising the currency transaction report and suspicious activity report thresholds and ensuring that beneficial ownership information is collected and verified by either the IRS or other appropriate federal or state entities at the time a legal entity is formed.
- Data Security, Fraud and Privacy: Advancing proper security and confidentiality of customer information and supporting equally strong safeguards for the many other entities that use and store consumer financial data.
- Preserving Mortgage Lending: Supporting access to an open and robust secondary mortgage market, including Fannie Mae and Freddie Mac, which are a source of capital for lenders of all sizes and are obligated to serve all markets at all times.
- Tax Relief: Promoting tax and budget policies that foster economic growth and support the community banking sector by providing tax reforms and encouraging private savings and small business investment.
- Industry Concentration and Systemic Risk: Advancing legislative and regulatory changes that would curb or end advantages enjoyed by too-big-to-fail banks while preserving the separation of banking and commerce to ensure unbiased credit decisions and avoid excessive market power.
- Agriculture and Rural America: Advocating policies that will support rural America by strengthening community banks, which fund nearly 80 percent of all agricultural loans from the commercial bank sector.
- Payments: Creating a legal and regulatory environment governing payments that does not discourage community banks from offering various payments services that best address consumer needs.
- Cybersecurity: Supporting policies that broaden supervision of technology service providers while recognizing existing cybersecurity frameworks, tools, and assessments for community banks to avoid duplicative and counterproductive obligations.