Focus! The singular mission of ICBA is to enhance and protect the community bank charter—period. Never was the benefit of that focus more apparent than last Thursday when the Senate voted on the Tester/Hutchison amendment that will bring fairness to FDIC assessments. ICBA was the ONLY national financial trade association to publicly endorse and vigorously work for passage of the amendment.
As a result of an unheard of 98-0 vote in the Senate, more than 7,800 mostly community banks will save $4.5 billion over the next three years. That is a DIRECT benefit to the bottom line.
No one disputes that without ICBA the Tester/Hutchison amendment would not have happened. In fact, last fall I was bluntly told by another association executive that getting Congress to change the FDIC assessment formula to benefit community banks had no chance—it would never happen.
Well, what many in Washington and elsewhere fail to grasp is the singular focus of ICBA. We are all about promoting the franchise value and the worth of community banks to local markets. As the public press has documented well, the Wall Street mega firms and their legions of lobbyists and multiple trade groups can and do take care of themselves.
Who takes care of the community banks in Washington, D.C.? Who is their voice? Last week the nation witnessed who takes care of community bank interests—the Independent Community Bankers of America—ICBA! And we are proud to represent you!
I welcome your views on this or any of my other posts.