House panel advances ICBA-supported reg relief bill

ICBA commended the House Financial Services Committee for voting to advance the pro-community bank Main Street Capital Access Act (H.R. 6955).

Details: Sponsored by House Financial Services Committee Chairman French Hill (R-Ark.) and Financial Institutions Subcommittee Chairman Andy Barr (R-Ky.), H.R. 6955 passed 26-16. It includes provisions to:

• Tailor regulations to the lower risk profile of community banks.

• Ease excessive capital requirements.

• Support the formation of new community banks.

• Ensure fair reviews of agency examinations.

• Raise thresholds for holding custodial and reciprocal deposits.

• Require the appointment of an FDIC board member with experience in small depository institutions.

• Modernize the Federal Reserve's discount window lending programs.

• Offer relief at the holding company level.

• Promote bank-fintech partnerships.

ICBA View: In a national news release after the vote, ICBA President and CEO Rebeca Romero Rainey said the legislation would help community banks promote prosperity in local communities and encouraged the full House to take up and pass the legislation.

ICBA Support:

• ICBA this week spearheaded a grassroots advocacy campaign on behalf of the bill and urged committee members to pass the legislation.

• Romero Rainey joined Hill and Barr at a January event at the U.S. Capitol to unveil the pro-community bank legislative package.

• ICBA thanks the many community bankers who responded to ICBA’s grassroots campaign by submitting letters of support to their members of Congress.

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