Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement opposing the consolidation of the nation’s banking regulators.
“While Wall Street bank executives and others have called for consolidating the nation’s banking regulators, ICBA and community bankers have long supported the independence of the federal banking agencies and our nation’s dual banking system.
“Federal banking regulators should be objective, nonpartisan, and protected from political influence, which is essential to promoting a safe and sound banking system, consumer confidence, and a strong national economy. Wall Street calls for consolidating the agencies undermine consumer confidence in the financial system.
“Any changes to our nation’s trusted system of banking regulation must involve careful study and input from all stakeholders, including the community banks that stand to be most impacted by these proposals. While community banks are strong advocates for streamlining federal banking regulations and building efficiencies, structural reforms are better focused on protecting agency accountability by enacting board oversight at the federal banking agencies with meaningful community bank representation and ensuring regulatory oversight is tiered and risk weighted.
“We look forward to working closely with the 119th Congress and Trump administration to support reforms that protect our nation’s dual banking system and are consistent with ICBA’s ‘Repair, Reform, and Thrive’ plan. Preserving the independence of U.S. banking regulators is fundamental to ensuring community banks can continue meeting the banking needs of local communities.”
About ICBA
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.
As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.