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ICBA commended members of the House Financial Services Committee who voted to advance a slate of ICBA-advocated bills that support community banks and the local communities they serve.
Details: During the markup, the committee voted to advance:
The Promoting Access to Capital in Underbanked Communities Act of 2023 (H.R. 758), which would provide more regulatory, capital, and lending flexibility to facilitate the creation of de novo banks.
The CDFI Fund Transparency Act (H.R. 3161), which would require annual Treasury Department testimony on CDFI Fund operations.
The Bank Resilience and Regulatory Improvement Act (H.R. 8337), which would raise the asset exemption thresholds of five burdensome regulatory provisions to support tiered regulation.
The Bank Supervision Appeals Improvement Act (H.R. 8264) to create a workable appeals process for bank examinations.
The Small Bank Holding Company Relief Act of 2023 (H.R. 4346), a bill to raise the asset threshold to qualify as Small Bank Holding Companies from $3 billion to $10 billion.
The Rectifying UDAAP Act (H.R. 6789), which would clarify and balance the CFPB’s authority to oversee unfair, deceptive, and abusive acts and practices.
The Small Lenders Exempt from New Data and Excessive Reporting Act (H.R. 1806), a bill to expand exemptions from the CFPB’s 1071 rule and extend the rule’s compliance deadline.
The Bank Loan Privacy Act (H.R. 1810), which would require the CFPB to conduct a rulemaking on financial institution and credit applicant data it plans to publish under the 1071 rule.
ICBA Statement: “While community banks are the nation’s leading small-business and agricultural lenders, a rash of rulemakings totaling 7,000 pages of new regulations since July threaten to undermine this critical source of credit in local communities,” ICBA President and CEO Rebeca Romero Rainey said.
Agency Reg Review: The markup comes as ICBA calls for regulators to enact meaningful regulatory relief via their latest comprehensive review under the Economic Growth and Regulatory Paperwork Reduction Act.