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ICBA expressed support for Acting Comptroller of the Currency Michael Hsu’s remarks about increasing concentration in the banking industry and the separation of banking and commerce.
Background: Hsu this week said the growing number and size of large banks is reshaping the banking industry, with the largest institutions projected to reach $26 trillion in assets by 2033. He also shared concerns about how nonbanks are blurring the line between banking and commerce.
Details: In a national news release, ICBA President and CEO Rebeca Romero Rainey agreed with Hsu’s remarks. She said last year's big bank failures and the alarming rate of banking industry concentration demonstrate the importance of effective capital, liquidity, and resolution standards for the largest banks.
ICBA Advocacy: In comment letters earlier this year, ICBA:
Said it generally supports regulators’ proposed Basel III Endgame capital standards for the largest banks but cautioned regulators that more research is needed to avoid unintended consequences on community banks.
Expressed support for an interagency proposal to require banks with $100 billion or more in assets to maintain minimum levels of externally issued long-term debt.