Washington, D.C. (May 7, 2014)—The Independent Community Bankers of America® (ICBA) today thanked the House Financial Services Committee for advancing ICBA-advocated legislation to relieve community banks from excessive regulatory burdens. The committee approved H.R. 4521, H.R. 4466 and H.R. 2673 to help calibrate regulations to community banks’ size and lower-risk profile to support community-based economic growth.
The votes come one week after ICBA’s Washington Policy Summit, a grassroots event that drew more than 1,000 community bankers and industry advocates to the nation’s capital to meet with members of Congress and regulators on ICBA’s top policy priorities—including regulatory relief for community banks.
“Community banks nationwide have identified regulatory burden as a top concern and an impediment to providing much-needed credit in their communities,” ICBA President and CEO Camden R. Fine said. “ICBA applauds the House Financial Services Committee for approving these measures, and we encourage the full House to pass them and support our local economies.”
The committee approved the following bills inspired by ICBA’s Plan for Prosperity regulatory relief platform:
H.R. 4521, which would exempt community bank portfolio loans from new escrow requirements and raise the small-servicer exemption threshold from 5,000 to 20,000 loans,
H.R. 4466, which would require federal financial regulators to consider whether proposed regulations are duplicative or inconsistent with existing regulations before issuing them, and
H.R. 2673, which would provide that any residential mortgage held in portfolio by the originator is a qualified mortgage.
For more information on ICBA’s Plan for Prosperity, visit www.icba.org.
The Independent Community Bankers of America®, the nation’s voice for more than 6,500 community banks of all sizes and charter types, 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.