The Independent Community Bankers of America (ICBA) has expressed its gratitude to the members of the House Financial Services Committee for voting in favor of a series of ICBA-supported bills aimed at supporting community banks and their local communities.
"Despite being the nation's leading small-business and agricultural lenders, a rash of rulemakings totaling 7,000 pages of new regulations since July threatens to undermine this critical source of credit in local communities," said ICBA President and CEO Rebeca Romero Rainey. She added that the ICBA and the nation's community banks appreciate those members of the House Financial Services Committee who voted today to advance targeted community bank relief from burdensome regulations, thereby promoting economic and job growth across communities nationwide.
During the markup session held today, the committee voted to advance several bills. These include Rep. Andy Barr’s (R-Ky.) Promoting Access to Capital in Underbanked Communities Act of 2023 (H.R. 758), which would provide more regulatory, capital, and lending flexibility to facilitate the creation of de novo banks; The CDFI Fund Transparency Act (H.R. 3161), introduced by Reps. John Rose (R-Tenn.) and Brittany Pettersen (D-Colo.), which would require annual Treasury Department testimony on CDFI Fund operations; among others.
This move comes as ICBA is urging regulators to implement meaningful regulatory relief through their latest comprehensive review under the Economic Growth and Regulatory Paperwork Reduction Act.
The ICBA's mission is to create and promote an environment where community banks can thrive by effectively advocating, educating, and innovating. As local trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams.