Washington, D.C. (Jan. 14, 2025) — With the new 119th Congress and incoming Trump administration getting started in Washington, the Independent Community Bankers of America (ICBA) today released new polling data showing Americans support community bank policy priorities laid out in ICBA’s new “Repair, Reform, and Thrive” plan and recent open letter to Congress.
“Policymakers in Washington face a critical opportunity to advance needed changes to financial services regulations that will amplify the positive economic impact of community banks across America, and new ICBA polling demonstrates that Americans from coast to coast support the community banking industry’s views on key policy issues,” ICBA President and CEO Rebeca Romero Rainey said today. “With the polling conducted by Morning Consult showing Americans understand the importance of kickstarting locally based economic growth, ICBA looks forward to working with the 119th Congress and Trump administration to advance much-needed policy reforms.”
The ICBA polling conducted by Morning Consult found:
Americans Back New Community Bank Formation
61% of Americans agree that federal agencies should address regulatory restrictions that limit the formation of new community banks.
57% agree that the formation of new community banks is important to the health of the nation’s banking system.
Americans Support Bolstering Rural Communities
67% say providing tax relief to lending institutions in rural communities — in line with the bipartisan Access to Credit for our Rural Economy (ACRE) Act — would help preserve family farms if these benefits are passed along to borrowers.
69% say it’s important that Congress ensures the farm bill adequately funds agricultural programs given high inflation and interest rates.
62% say high inflation and interest rates make it more important for Congress to pass a new farm bill on schedule.
Americans Oppose New Small-Business Reporting Rules
55% agree that Congress should overturn new rules requiring banks to collect and report demographic data to the federal government from small-business credit applications.
55% agree that these rules will negatively affect small-business lending.
Americans Support Reforming Credit Union Policies
62% say credit unions that operate like banks should have to pay taxes like banks.
62% say Congress should investigate whether the credit union industry’s tax and regulatory exemptions are still warranted.
59% say Congress should investigate whether credit unions should be able to acquire tax-paying community banks.
Just a quarter (26%) agree that credit unions should be able to use their tax savings to purchase expensive equipment for use by senior executives, such as private jets.
Just a third agree that credit unions should be able to use their tax savings to finance high-profile marketing expenditures, such as purchasing the naming rights to major sports stadiums (32%), or to raise funds from private institutional investors on Wall Street (34%).
Americans Favor Higher Deposit Insurance Coverage
58% agree policymakers should raise the deposit insurance limit above $250,000.
“Repair, Reform, and Thrive: ICBA's Plan for Powering Local Economies” offers a regulatory and legislative agenda to fix broken regulations harming communities, unleash the power of locally based banking, and fuel the future of community banking. The plan and ICBA’s open letter to the 119th Congress are available on ICBA’s website.
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.
