Washington, D.C. (Feb. 16, 2021) — The Independent Community Bankers of America (ICBA) today reiterated its call for federal regulators to work together on updated Community Reinvestment Act regulations in a comment letter to the Federal Reserve.

"ICBA and the nation's community banks appreciate regulatory efforts to modernize the Community Reinvestment Act," ICBA President and CEO Rebeca Romero Rainey said today. "Because current regulations and approaches are outdated and can serve as barriers to implementing CRA’s very mission, we encourage banking regulators to work together on an interagency rule."

In its letter on a Fed advance notice of proposed rulemaking, ICBA urged the agency to work with the Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. to issue a joint rule that:

  • Reflects technology-driven changes to the banking industry.
  • Recognizes the disproportionate burden of additional data collection and reporting on community banks.
  • Provides clarity on CRA ratings and definitions.
  • Strengthens incentives for partnerships with Minority Depository Institutions and Community Development Financial Institutions.
  • Includes a nationwide evaluation for internet banks.

ICBA looks forward to continuing to work with the agencies on CRA modernization.

 

About ICBA

The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 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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