Washington, D.C. (Sept. 4, 2024)—Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey today issued the following statement on Acting Comptroller of the Currency Michael Hsu’s remarks on evolving bank supervision.
“ICBA and the nation’s community banks share Acting Comptroller Hsu’s concerns about the impact of growing banking industry concentration on industry supervision.
“ICBA agrees that there must be a commensurate evolution and strengthening of supervision and regulation focused on the largest and riskiest financial institutions. Following last year's big bank failures — and with the largest banks projected to reach $26 trillion in assets over the next 10 years — there must be effective capital, liquidity, and resolution standards in place.
“The consolidation of the banking industry into fewer and fewer hands is a dangerous trend given the importance of community banks to our communities and overall banking system. Policymakers must work to maintain a diverse and decentralized financial system that meets the needs of consumers and small businesses nationwide, including by addressing the cumulative impact of regulatory burden on community banks.
“ICBA and community bankers look forward to continuing to work with Acting Comptroller Hsu and other regulators on these and other critical banking issues.”
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.
