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Washington, D.C. (May 19, 2022) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement after the FDIC board of directors voted to restore the agency’s Supervision Appeals Review Committee (SARC) and amend the January 2021 Guidelines for Appeals of Material Supervisory Determinations, which had created an independent Office of Supervisory Appeals.
“Community banks did not have a meaningful chance to utilize the Office of Supervisory Appeals, which became fully staffed and operational only six months ago. We are disappointed the FDIC board of directors summarily eliminated this independent forum for appeals without providing the public an opportunity to comment beforehand. Without a bipartisan FDIC board, the agency’s decision to reconstitute board-level review using the SARC calls into question its commitment to a more independent supervisory appeals process. We look forward to continued dialogue with the FDIC on this issue.”
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 roughly 99 percent of all banks, employ nearly 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding nearly $5.9 trillion in assets, over $4.9 trillion in deposits, and more than $3.5 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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