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Republican members of the Senate Banking Committee called on the FDIC to withdraw proposed corporate governance guidelines, citing their impact on community banks that serve small and rural communities.
Details: The letter from Sen. Thom Tillis (R-N.C.) and other Republican committee members said the proposal would hinder, not improve, safety and soundness within the U.S. financial system.
ICBA View: In a joint letter earlier this year, ICBA and state community banking associations expressed strong opposition to the FDIC proposal, which would apply corporate governance and risk management guidelines for covered institutions with $10 billion or more in assets.