Washington, D.C. (July 25, 2024) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey today issued the following statement on today’s announcement from federal banking regulators that they will conduct an ICBA-advocated virtual outreach meeting as part of the latest regulatory review under the Economic Growth and Regulatory Paperwork Reduction Act, or EGRPRA.
“ICBA and the nation’s community banks commend the federal banking regulators for heeding ICBA’s calls to hold a livestreamed public outreach meeting as part of the latest regulatory review under EGRPRA.
“As ICBA said in a comment letter earlier this year, regulators should invite community bankers to actively participate in these meetings and to address the regulatory burdens they face in serving local communities.
“While ICBA looks forward to submitting comments as part of the second request for input under the current review, we continue our calls for regulators to hire an outside consultant that would quantify the regulatory burden on community banks and to designate an overall director of the current EGRPRA process. As ICBA said in a recent blog post, the current rash of new rulemakings — totaling more than 7,000 pages of new rules over the past year — is fueled by the practices of larger, riskier institutions and demands meaningful regulatory relief for community banks.
“ICBA and the nation’s community banks look forward to participating in September’s outreach meeting, submitting our next round of formal comments, and continuing to work with regulators to address the excessive regulatory burdens that inflict long-term damage on the local communities that community banks serve.”
About ICBA
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.
As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.
