Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey has expressed opposition to the consolidation of the nation's banking regulators. In a statement, she emphasized the importance of maintaining the independence of federal banking agencies and the dual banking system in the United States.
"While Wall Street bank executives and others have called for consolidating the nation’s banking regulators, ICBA and community bankers have long supported the independence of the federal banking agencies and our nation’s dual banking system," Rainey stated.
She highlighted that federal banking regulators should remain "objective, nonpartisan, and protected from political influence," which is crucial for promoting a safe and sound banking system, consumer confidence, and a robust national economy. According to Rainey, calls from Wall Street to consolidate these agencies could undermine consumer confidence in the financial system.
Rainey also stressed that any changes to the current regulatory framework should involve careful consideration and input from all stakeholders, particularly community banks. "While community banks are strong advocates for streamlining federal banking regulations and building efficiencies, structural reforms are better focused on protecting agency accountability by enacting board oversight at the federal banking agencies with meaningful community bank representation and ensuring regulatory oversight is tiered and risk weighted," she said.
The ICBA looks forward to collaborating with Congress and the Trump administration to support reforms that align with their 'Repair, Reform, and Thrive' plan. The preservation of U.S. banking regulators' independence is seen as essential for enabling community banks to continue serving local communities effectively.
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 vital role in channeling deposits into local neighborhoods, creating jobs, fostering economic prosperity, and supporting customers' financial goals.