Payments

Letters and Testimonies

Letters to Congress

Title Recipient Date
Sen. Josh Hawley 09/20/23
House Financial Services Committee 09/19/23
House Financial Services Committee 07/19/23
House, Senate Leaders 07/14/23
House, Senate 07/11/23
House Financial Services Committee 06/13/23
Senate, House leaders 06/09/23
House Financial Services Committee 05/05/23
House Financial Services Committee 04/19/23
Rep. Tom Emmer 03/08/23
Senate, House 11/17/22
House, Senate 10/11/22
Senate 10/04/22
House 09/27/22
House 09/21/22
Senate 08/31/22
House Financial Services Committee 07/22/22
Senate Judiciary Committee 05/04/22
Senate Judiciary Committee 05/02/22
Sens. Cruz, Braun, Grassley 04/04/22
Rep. Tom Emmer 04/04/22
Congress 07/27/21
116th Congress 10/15/20
U.S. House Task Force on Financial Technology 09/29/20

Letters to Regulators

Title Recipient Date
Basel Committee on Banking Supervision 03/28/24
Federal Reserve, Justice Department, Treasury Department 03/22/24
BIS Committee on Payments and Market Infrastructures 02/28/24
Letter to Regulators 01/30/24
FinCEN 01/23/24
Federal Reserve 11/27/23
IRS 11/13/23
Federal Reserve 10/20/23
IOSCO 10/18/23
White House, Treasury Department 10/12/23

Testimony

Title Committee Presenter Date
House Subcommittee on Digital Assets, Financial Technology and Inclusion Written Statement 09/13/23
Senate Banking Committee Written Statement 02/13/23
Senate Banking Committee Written Statement 07/28/22
House Financial Services Committee Written statement 05/25/22
Senate Banking Hearing 02/15/22
House Financial Services Committee Written statement 02/08/22
Senate Banking Committee Written Statement 12/14/21
House Financial Services Committee Written statement 12/07/21
HSFC 09/29/20

Payments News

ICBA Supports Federal Actions to Mitigate Nonbank Risks

Jan. 27, 2023

ICBA Press Release Banner 2020

Washington, D.C. (Jan. 27, 2023) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s federal actions to help mitigate the risks posed by crypto-asset firms.

“The denial of Custodia Bank’s application to become a member of the Federal Reserve System, the Fed’s policy statement clarifying that its regulatory limitations apply to both insured and uninsured depository institutions, and the White House’s statement on crypto-assets and stablecoins appropriately reflect the risks posed by special-purpose depository institutions and digital assets.

“As the Fed indicated in its policy statement, uninsured depository institutions should not be allowed to become Fed members while engaging in activities that are not permitted for banks because they are considered unsafe and unsound. This appropriately safeguards the banking system from the risks posed by institutions with novel charters and from the crypto sector, reflecting ICBA concerns laid out in recent comments on accessing Fed master accounts.

“Meanwhile, the White House’s statement calling for a broader policy response to crypto-assets echoes ICBA’s long-standing calls for policymakers to develop a clear regulatory framework for crypto, to focus on crypto’s role in facilitating financial crimes, and to ensure the traditional banking system continues to be a safe haven from the crypto sector’s instability.

“As Washington considers the risks and potential policy response to digital assets, ICBA reminds policymakers that the nation’s community bankers are rightly concerned about the privacy, cybersecurity, and systemic risks posed by cryptocurrency. Policymakers should prioritize protecting national security amid ongoing instability in the crypto markets while collaborating on a comprehensive regulatory framework that utilizes more effective alternatives to a U.S. central bank digital currency — including the FedNow instant payments service.”

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 more than $5.8 trillion in assets, over $4.8 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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