Washington, D.C. (March 28, 2025)—Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on the Securities and Exchange Commission’s vote to end its legal defense of its ICBA-opposed rule requiring climate-related investor disclosures.
“ICBA and the nation’s community banks commend the SEC for ending the defense of its rule requiring public companies to issue climate-related disclosures, which would have a damaging impact on the capital markets, community banks, and the customers they serve. SEC Acting Chairman Mark Uyeda noted that this action ceases the agency’s involvement in the defense of the ‘costly and unnecessarily intrusive’ rule.
“As ICBA has repeatedly said, community banks are committed to ensuring their local communities and environments flourish, but the rule’s unprecedented costs and potential liabilities threatened to limit the ability of community banks to raise capital to support lending in their communities and to further discourage the formation of new community banks. Further, the rule provided no meaningful exemption for community banks, which would have subjected many community banks to some of the most onerous provisions of the final rule irrespective of their small asset size.
“ICBA looks forward to continuing to work with the SEC to promote participation in the capital markets to support economic growth in local communities.”
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.
