The Independent Community Bankers of America (ICBA) has expressed gratitude to Russell Vought for his appointment as acting director of the Consumer Financial Protection Bureau (CFPB). This announcement follows President Donald Trump's decision to designate Vought, who is also the Director of the Office of Management and Budget, to this role.
"ICBA and the nation's community bankers thank Director Vought for taking on the role of acting CFPB director," stated Rebeca Romero Rainey, ICBA President and CEO. The organization has outlined its 'Repair, Reform, and Thrive' plan aimed at reforming CFPB regulations. In an open letter to the 119th Congress, ICBA detailed various reforms it advocates.
"We look forward to working closely with Director Vought, the Trump administration, and the 119th Congress to implement needed CFPB regulatory reforms to help community banks meet the needs of local communities," added Romero Rainey.
The ICBA 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 their neighborhoods, thereby creating jobs and supporting economic growth. More information about ICBA's initiatives can be found on their website.