Washington, D.C. (April 29, 2024) - The Independent Community Bankers of America (ICBA) commenced the 2024 ICBA Capital Summit in Washington with the unveiling of new polling data that reveals significant public backing for community banker perspectives on critical issues. According to ICBA President and CEO Rebeca Romero Rainey, Americans across the nation align with community bankers' stances on essential policy matters.
The ICBA-commissioned polling, executed by Morning Consult, highlighted several key findings. The data indicated that 70% of Americans believe that providing tax relief to lending institutions in rural areas, as proposed in the bipartisan Access to Credit for our Rural Economy (ACRE) Act, would aid in preserving family farms if the benefits are passed on to borrowers. Additionally, 59% of voters expressed that promoting lower interest rates on loans for rural community borrowers would have a positive impact.
On the contrary, the polling revealed that a majority of Americans oppose overhauling the credit card system, with 66% of adults expressing concerns about allowing big merchants to select card transaction networks based on cost-effectiveness. Furthermore, 71% of respondents voiced apprehensions about changing the technology used for credit transactions at the register due to perceived risks.
Regarding credit union policies, the data indicated that 68% of adults believe that credit union customers should receive the same consumer protections as those offered by banks, such as those mandated by the Community Reinvestment Act. Moreover, 54% of respondents suggested that Congress should investigate the continued validity of the credit union tax exemption.
Furthermore, the polling showed support for cannabis banking policy reform, with 64% of Americans agreeing that provisions in the SAFER Banking Act permitting cannabis-related businesses to access the banking system would enhance public safety. Additionally, 54% of respondents believed that opening the banking system to cannabis-related enterprises would benefit underserved communities.
The ICBA polling also reflected public sentiment on mortgage "trigger leads," indicating that 69% of Americans endorse legislation restricting credit reporting agencies from selling consumers' contact information when they apply for a residential mortgage.
In addition to the polling results, the Capital Summit will feature prominent speakers, including Senate Banking Committee member Jon Tester, House Financial Services Committee Vice Chairman French Hill, FDIC Chairman Martin Gruenberg, Consumer Financial Protection Bureau Director Rohit Chopra, ICBA President and CEO Rebeca Romero Rainey, and Dave Fishwick, whose story inspired the Netflix series "Bank of Dave."
The ICBA, with its mission to foster an environment where community banks thrive, continues to empower these financial institutions through effective advocacy, education, and innovation, leveraging their role as local and trusted sources of credit to drive economic growth and support the financial aspirations of their customers.
For more information about the ICBA and its initiatives, visit their website at icba.org.