ICBA strongly supports the House Financial Services Committee’s efforts to advance several bipartisan bills to rein in community bank overregulation on behalf of local customers and communities.
Washington, D.C. (PRWEB) March 26, 2015
The Independent Community Bankers of America® (ICBA) today thanked the House Financial Services Committee for advancing several bills with provisions from ICBA’s Plan for Prosperity regulatory relief platform. The committee marked up legislation to relieve community banks from excessive regulation to promote local economic growth.
“ICBA strongly supports the House Financial Services Committee’s efforts to advance several bipartisan bills to rein in community bank overregulation on behalf of local customers and communities,” ICBA President and CEO Camden R. Fine said. “Common-sense regulatory relief will free up resources that can be used to make loans, promote economic growth and create jobs in communities across the nation. ICBA urges the full House to take up and advance these important measures.”
Among the ICBA-advocated measures approved today are:
- the Eliminate Privacy Notice Confusion Act (H.R. 601), to eliminate a provision requiring financial institutions to provide annual privacy notices to customers even when their policies have not changed,
- the Bureau of Consumer Financial Protection Advisory Boards Act (H.R. 1195), to statutorily establish community bank and small business advisory boards at the Consumer Financial Protection Bureau,
- the Helping Expand Lending Practices in Rural Communities Act (H.R. 1259), to allow individuals to petition the CFPB to reassess the rural status of counties,
- the Mortgage Servicing Asset Capital Requirements Act of 2015 (H.R. 1408), to delay and study Basel III rules on mortgage-servicing assets, and
- the Community Institution Mortgage Relief Act of 2015 (H.R. 1529), which would exempt from escrow requirements any mortgage loan held in portfolio by financial institutions with $10 billion or less in assets and increase exemptions for small servicers from 5,000 loans to 20,000 loans.
Today’s markup is the committee’s first round of advancing community bank regulatory relief in the 114th Congress and follows last week’s ICBA testimony on the consumer impact of excessive regulation. ICBA looks forward to continuing to work with the committee and others in Congress as they advance additional regulatory relief measures inspired by the association’s Plan for Prosperity.
The Independent Community Bankers of America®, the nation’s voice for more than 6,000 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.