ICBA-Advocated Measures in Congress-Passed Coronavirus Stimulus

ICBA Press Release Banner 2020

Washington, D.C. (March 27, 2020) — Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued this statement after the House passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, sending it to President Donald Trump to be signed into law.

“After working tirelessly to advocate for measures that help U.S. households and small businesses, ICBA and the nation's community banks thank Congress for passing these much-needed policies and resources to support the economy and provide access to credit.

"ICBA-advocated stimulus measures included in the legislation will:

  • enhance the Small Business Administration’s 7(a) loan program,
  • provide net-operating-loss tax relief,
  • authorize robust FDIC deposit insurance coverage for transaction accounts,
  • delay implementation of the Current Expected Credit Losses accounting standard,
  • ensure coronavirus-related loan modifications are not classified by regulators as troubled debt restructurings,
  • reduce the Community Bank Leverage Ratio from 9 percent to 8 percent during the COVID-19 national emergency, and
  • fund USDA Commodity Credit Corporation support for livestock and specialty crop producers.

"ICBA this week released a summary of key provisions in the bill to help community banks serve their communities at this critical time. ICBA will continue working with policymakers to swiftly implement and issue guidance on this crucial legislation, which will help community banks contain COVID-19's economic damage in local communities."

About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.

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