Community bank grassroots advocacy was instrumental in passing the S. 2155 regulatory relief law and remains critical to advancing additional reforms, Senate Banking Committee Chairman Mike Crapo (R-Idaho) told community bankers in Washington.
Addressing the 2019 ICBA Capital Summit, Crapo said community bank regulatory relief is contributing to the nation’s continued economic growth. Nevertheless, oversight of the law’s regulatory implementation—including capital relief—remains an important priority.
Crapo cited additional community banking issues that Congress is working to address, including housing-finance reform, reauthorizing the National Flood Insurance Program, and extending data privacy and security protections to other sectors as fraud losses mount. “The place where the loss was caused is the place where the loss should be compensated,” he said.
Crapo—the lead sponsor on S. 2155 and a key advocate of tax reform as a member of the Senate Finance Committee—ultimately encouraged community bankers to continue advocating to achieve their legislative goals. “Grassroots politics works,” he said.
While community bankers in Washington are meeting with lawmakers on several industry priorities, those back home can support their colleagues with customizable messages to Congress using ICBA’s Virtual Capital Summit.
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