ICBA President and CEO Rebeca Romero Rainey expressed support for proposals to decrease deposit insurance assessments for community banks, stating, "With the Deposit Insurance Fund reserve ratio on track to reach the statutory minimum two years ahead of schedule, ICBA strongly supports proposals to decrease deposit insurance assessments for the nation’s community banks."
Rainey referenced remarks made by Acting Comptroller of the Currency Michael Hsu and Consumer Financial Protection Bureau Director Rohit Chopra at the FDIC board meeting, highlighting the importance of reducing community bank assessments to support a more diverse banking system. She emphasized the need for the FDIC board to take action to ensure that community banks are not burdened with the costs associated with larger institutions.
Regarding the FDIC's special assessment exemption for the majority of community banks, Rainey stated, "Continuing to recognize these important differences via deposit insurance policy will help support our nation’s consumers, small businesses, and local economies."
The Independent Community Bankers of America (ICBA) is dedicated to fostering an environment where community banks can thrive. Through advocacy, education, and innovation, ICBA supports the growth and success of community banks in serving local communities and contributing to economic prosperity. For more information about ICBA, visit their website at icba.org.