Romero Rainey: Committee markup a key milestone, but more work ahead

The explosion of pro-community bank policy reforms from the first quarter of the year culminated in this week’s House Financial Services Committee markup, but there is still significant work to do, ICBA President and CEO Rebeca Romero Rainey said in a message to community bankers.

House Markup: The House Financial Services Committee on Wednesday voted to advance:

• The 1071 Repeal to Protect Small Business Lending Act (H.R. 976), House Small Business Committee Chairman Roger Williams’s (R-Texas) bill to repeal Section 1071 of the Dodd-Frank Act and halt the CFPB’s data collection and reporting rule for small-business loans.

• The Promoting New Bank Formation Act (H.R. 478), Subcommittee on Financial Institutions Chair Andy Barr’s (R-Ky.) bill directing regulators to address excessive regulatory burdens hindering the formation of de novo community banks.

• The Anti-CBDC Surveillance State Act (H.R. 1919), House Majority Whip Tom Emmer’s (R-Minn.) bill to bar the Federal Reserve from issuing a U.S. central bank digital currency to consumers.

Digital Assets Update: While these bills are part of a series of policy successes already this year, Romero Rainey said, there is still work to be done in the debate over legislation establishing a regulatory framework for stablecoins. The House Financial Services Committee this week advanced its version of stablecoin legislation—the STABLE Act—with ICBA continuing to urge lawmakers to include additional guardrails to protect community bank deposits.

Capital Summit: With many policy debates ongoing in Washington—including over taxes, trigger leads, and other regulatory burdens—Romero Rainey called on community bankers to attend next month’s ICBA Capital Summit in Washington, D.C. Scheduled for May 12-15, the ICBA Capital Summit features in-person meetings with congressional offices.

READ THE MESSAGE