05/18/2021 | Press release | Distributed by Public on 05/18/2021 19:53
Washington, D.C. (May 18, 2021) - Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey released the following statement on the Office of the Comptroller of the Currency's decision to reconsider its Community Reinvestment Act final rule.
'ICBA supports today's Office of the Comptroller of the Currency announcement that it will reconsider its Community Reinvestment Act rulemakings and information collection. ICBA has called on the OCC to delay or withdraw its CRA rule so it can work with the FDIC and Federal Reserve on an interagency CRA rulemaking.
'Because CRA regulations and approaches are outdated and can serve as barriers to implementing the law's mission, modernization should ultimately reflect banking industry changes, recognize the disproportionate reporting burden on community banks, and improve transparency.
'ICBA and the nation's community bankers look forward to continuing to work with regulators on interagency CRA modernization.'
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 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 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.