Why is ICBA the only national banking trade group to push, and push hard, for passage of the Communities First Act regulatory-relief legislation (S. 1600/H.R. 1697)? And why hasn’t every state community banking group signed on?
This common-sense regulatory-relief bill was developed by community bankers FOR community bankers. And it’s making good progress in Congress. Even House Financial Services Committee Chairman Spencer Bachus (R-Ala.) is cosponsoring the bill—along with more than 60 of his colleagues on both sides of the aisle.
That’s not the only good news. In addition, sections of the Communities First Act are making their way through the House and over to the Senate. Last month, the House voted 420-2 (what gridlock?) to pass an ICBA-advocated bill that includes SEC shareholder-relief provisions included in CFA. Similar legislation in the Senate was recently modified to promote passage in that chamber.
That’s the beauty of the CFA bill—it was written so that sections of it can be lifted out and advanced via other legislation moving through Congress. This is the same tactic we used very successfully with our first CFA bill in 2005, and it is working again. ICBA does not just complain about regulatory burden and unfair examination and regulatory treatment—we ACT!
Napoleon was once asked about his ability to exploit circumstances on the battlefield. “Circumstances—what are circumstances?” the bemused general responded. “I make circumstances.”
And that is exactly what ICBA is doing—making circumstances! ICBA is changing the dialogue in Congress with our Communities First Act. Please, as a community banker, get behind the Communities First Act. Urge your members of Congress to support it. You have everything to gain and nothing to lose by doing so.