The Independent Community Bankers of America (ICBA) applauded the House of Representatives for its bipartisan passage of ICBA-advocated regulatory reforms that will help community banks meet the needs of local communities.
“ICBA and the nation’s community banks strongly support House passage of legislation advancing sensible regulatory relief that will help community banks direct more resources toward serving their customers and communities,” ICBA President and CEO Rebeca Romero Rainey said. “We thank House leadership and the House Financial Services Committee for prioritizing this bipartisan legislation and encourage the Senate to quickly pass it.”
The House passed the ICBA-advocated:
- Smart Act (H.R. 4437 opens in a new tab), which provides well-managed and well-capitalized financial institutions under $6 billion in assets with regulatory relief, such as alternating limited-scope examinations and a combined safety-and-soundness exam and consumer compliance exam.
- TRUST Act (H.R. 4478 opens in a new tab), which raises the consolidated asset threshold from $3 billion to $6 billion for banks to qualify for an 18-month examination cycle.
- Advancing the Mentor-Protégé Program for Small Financial Institutions Act (H.R. 3709 opens in a new tab), which would establish a Treasury Financial Agent program enabling partnerships between minority depository institutions, rural community banks, and other financial institutions.
This legislation includes policies advanced in ICBA’s open letter to the 119th Congress opens in a new taband in Romero Rainey’s testimony opens in a new tablast year at the House Financial Services Committee’s first hearing of the 119th Congress. ICBA looks forward to continuing to work with Congress and the administration to pass these important measures.