ICBA Outlines 2021 Priorities in Congressional Letter

Washington, D.C. (Feb. 1, 2021)—The Independent Community Bankers of America (ICBA) today outlined its 2021 community bank policy agenda in an open letter to Congress. The letter, which ICBA is featuring in Politico's "Morning Money" and "Huddle" newsletters, advocates ICBA’s pragmatic legislative opportunities, which promote fairness and equity in our financial system for the benefit of consumers and local communities nationwide.

"A thriving community banking industry is critical to restoring jobs, creating economic opportunity for all, and realizing our economic potential as a nation," ICBA President and CEO Rebeca Romero Rainey wrote. “We simply cannot afford to lose this opportunity to provide needed relief and to implement solutions that will strengthen our economy in the recovery and thereafter for the benefit of all Americans.”

To build on community bank successes in sustaining the economy during the pandemic, ICBA's agenda advocates:

• Regulatory reforms that support economic growth, job creation, and access to financial services, such as supporting de novo bank formation, minority-owned depository institutions, banking services for legal cannabis-related businesses, and Bank Secrecy Act modernization.
• Ensuring community banks—the nation’s small business lenders—are not competitively disadvantaged by less regulated or tax-advantaged fintechs, industrial loan companies, credit unions, and the Farm Credit System.

"The new Congress will be closely divided, but it need not be gridlocked," Romero Rainey wrote. "ICBA’s track record of working with both parties and crafting bipartisan solutions is well suited to this occasion."

About ICBA

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.

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