Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s executive order on the integrity of the U.S. financial system.
“Today’s executive order recognizes the rigorous know-your-customer and due diligence requirements that community banks meet under the Bank Secrecy Act. As ICBA has repeatedly said in meetings with Treasury Department officials and federal banking regulators ahead of the release of today’s EO, policymakers must avoid information collection requirements that impose substantial burdens on community banks, undermine their ability to meet the needs of local communities, and drive American citizens out of the regulated banking system. We look forward to continuing to work with policymakers on these issues.”