ICBA-supported reg relief bills advance

Two pro-community bank bills supported by ICBA advanced out of the House Financial Services Committee.

Details: During a markup of various bills, the committee voted to advance:

• The Financial Reporting Threshold Modernization Act (H.R. 1799), which would raise the currency transaction reporting and Suspicious Activity Reporting thresholds, by a vote of 30-24.

• The Community Bank Regulatory Tailoring Act (H.R. 7056), which would raise certain monetary thresholds for community bank regulatory requirements, by a vote of 33-21.

Failed Credit Card Amendment: During the markup, Ranking Member Maxine Waters (D-Calif.) offered an ICBA-opposed amendment to H.R. 7056 that would have imposed a 10% rate cap on credit cards. The amendment was ruled non-germane and was withdrawn without a vote.

ICBA Support: ICBA this week encouraged committee members to advance H.R. 1799 and H.R. 7056, saying enactment of the bills would promote reform of our financial regulatory system and strengthen community banks to better serve their local communities.

Past ICBA Advocacy: In a March letter of support and September statement for the record for a House subcommittee hearing, ICBA expressed strong support for H.R. 1799, noting that addressing CTR and SAR filing requirements will help ensure community bank resources are better directed toward community lending.