Using the lame-duck session to advance much-needed community bank relief is critical to the well-being of local economies and job creation nationwide.
Washington, D.C. (PRWEB) November 14, 2014
The Independent Community Bankers of America® (ICBA) is calling on Congress to enact bipartisan regulatory and tax relief for community banks before the close of the 113th Congress. In a letter to House and Senate leaders, ICBA said using the lame-duck session to advance much-needed community bank relief is critical to the well-being of local economies and job creation nationwide.
The ICBA-advocated bills, many of which are inspired by the association’s Plan for Prosperity, include:
- the CLEAR Relief Act (S. 1349/H.R. 1750), which would exempt community bank portfolio loans from new mortgage rules and support additional capital opportunities for small bank holding companies,
- H.R. 749 and S. 635, which would eliminate redundant and confusing privacy notice mailing requirements when bank policies have not changed,
- H.R. 801 and S. 872, which would correct an oversight of the 2012 JOBS Act by applying new SEC registration and deregistration thresholds for bank holding companies to thrift holding companies,
- H.R. 4042, which would delay the effective date of Basel III rules on mortgage-servicing assets for nonsystemic banking institutions and require the banking agencies to study the appropriate capital treatment of MSAs,
- H.R. 5148, which would exempt mortgage loans of $250,000 or less held in portfolio by the originator from new appraisal requirements, and
- S.2260, which would provide much-needed tax code clarity and certainty for millions of families and businesses served by community bankers.
“Prompt enactment of the above consensus, bipartisan legislation before the close of the 113th Congress will provide meaningful regulatory relief and tax certainty for community banks, small businesses and families, sustaining the economic recovery and spurring job creation,” ICBA President and CEO Camden R. Fine wrote.
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. For more information, visit http://www.icba.org.