The Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued a statement today regarding the announcement from federal banking regulators about an ICBA-advocated virtual outreach meeting. This meeting is part of the latest regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA).
"ICBA and the nation’s community banks commend the federal banking regulators for heeding ICBA’s calls to hold a livestreamed public outreach meeting as part of the latest regulatory review under EGRPRA," Rainey stated.
Rainey emphasized that regulators should invite community bankers to actively participate in these meetings to address the regulatory burdens they face in serving local communities. "As ICBA said in a comment letter earlier this year, regulators should invite community bankers to actively participate in these meetings and to address the regulatory burdens they face in serving local communities."
While looking forward to submitting comments as part of the second request for input under the current review, ICBA continues its call for hiring an outside consultant to quantify the regulatory burden on community banks and designating an overall director for the current EGRPRA process. Rainey noted, "As ICBA said in a recent blog post, the current rash of new rulemakings — totaling more than 7,000 pages of new rules over the past year — is fueled by the practices of larger, riskier institutions and demands meaningful regulatory relief for community banks."
ICBA and community banks anticipate participating in September's outreach meeting, submitting their next round of formal comments, and continuing collaboration with regulators to mitigate excessive regulatory burdens impacting local communities.
The Independent Community Bankers of America aims to create an environment where community banks can flourish through advocacy, education, and innovation. By leveraging their relationship-based business model, America's community banks channel deposits into neighborhoods they serve, fostering economic prosperity and supporting customers' financial goals.
For more information, visit ICBA’s website at icba.org.