Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement today supporting Acting Comptroller of the Currency Michael Hsu's recent remarks on banking industry concentration and the separation of banking and commerce.
"ICBA and the nation’s community banks share Acting Comptroller Hsu’s concerns about increasing concentration in the banking industry," said Rainey.
She emphasized the significance of last year's major bank failures and the rapid rate of banking industry concentration, with projections indicating that the largest institutions could reach $26 trillion in assets by 2033. "We agree that our nation must avoid repeating the mistakes of the past and avert risks to consumers and the financial system," she added.
Rainey also addressed concerns regarding nonbanks, noting how they blur the traditional lines between banking and commerce. She highlighted that while community bank depositors are protected by federal deposit insurance, nonbank customers lack such protections.
"ICBA and community bankers look forward to continuing to work with Acting Comptroller Hsu and other regulators on these and other critical banking issues," Rainey concluded.
The Independent Community Bankers of America aims to foster an environment where community banks can thrive through advocacy, education, and innovation. Community banks play a crucial role in channeling deposits into local neighborhoods, creating jobs, fostering economic prosperity, and supporting their customers' financial goals.
For more information, visit ICBA’s website at icba.org.
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