The Independent Community Bankers of America (ICBA) has released new polling data that shows significant public support for its "Repair, Reform, and Thrive" plan. This announcement comes as the 119th Congress and the Trump administration begin their work in Washington.
ICBA President and CEO Rebeca Romero Rainey stated, "Policymakers in Washington face a critical opportunity to advance needed changes to financial services regulations that will amplify the positive economic impact of community banks across America, and new ICBA polling demonstrates that Americans from coast to coast support the community banking industry’s views on key policy issues." The polling conducted by Morning Consult indicates that Americans recognize the importance of promoting locally based economic growth.
The survey highlights several areas where Americans express strong opinions:
- **Community Bank Formation**: 61% believe federal agencies should address regulatory restrictions hindering new community bank formation. Additionally, 57% view these formations as vital to the health of the nation's banking system.
- **Rural Communities**: A majority supports providing tax relief to lending institutions in rural areas through measures like the bipartisan Access to Credit for our Rural Economy (ACRE) Act. Specifically, 67% say such relief would help preserve family farms if benefits are passed along to borrowers. Moreover, 69% stress the importance of adequate funding for agricultural programs in light of high inflation and interest rates.
- **Small-Business Reporting Rules**: More than half (55%) oppose new rules requiring banks to collect demographic data from small-business credit applications, believing these rules could negatively impact small-business lending.
- **Credit Union Policies**: There is notable support for reforming credit union policies. Sixty-two percent think credit unions operating like banks should pay taxes accordingly, while an equal percentage believes Congress should review whether current tax and regulatory exemptions are justified. Concerns extend to credit unions acquiring tax-paying community banks and using tax savings for executive perks or marketing expenditures.
- **Deposit Insurance Coverage**: Fifty-eight percent agree with raising the deposit insurance limit above $250,000.
The "Repair, Reform, and Thrive" plan outlines a strategy aimed at fixing regulations perceived as detrimental to communities while empowering local banking systems. The full plan is accessible on ICBA's website.
The ICBA remains committed to fostering an environment conducive to thriving community banks through advocacy, education, and innovation. As trusted sources of credit within their communities, these banks play a crucial role in job creation and economic prosperity by channeling deposits into local neighborhoods.
For further details about ICBA's initiatives or its recent open letter to Congress, interested parties can visit icba.org.