Last week’s ICBA Washington Policy Summit showed once again that community bankers are not only willing to go the extra mile—they’re even grateful for the privilege. With nearly 1,000 community bankers and industry advocates in the nation’s capital to advocate positive reform in more than 300 meetings with policymakers, there was a feeling of enthusiasm and optimism unique among community bankers.
They rolled up their sleeves to solve problems, support local communities and expand access to credit like it’s their job. (That’s probably because it is.) And just like the hard work that community bankers put into their local communities, their efforts in Washington are already paying off.
As I wrote in Morning Consult before the summit, the industry focused its meetings with Congress and federal regulators on right-sizing regulation, instituting uniform data-security standards, and ending taxpayer subsidies for credit unions and the Farm Credit System.
First, community bankers urged congressional support for the CLEAR Relief Act (H.R. 1233/S. 812) and the Community Bank Access to Capital Act (H.R. 1523) to ease excessive regulation and promote access to capital on Main Street. Second, attendees called on policymakers to impose Gramm-Leach-Bliley Act-like standards on other players in the payments system, including retailers, to ensure meaningful consumer protection. Finally, the industry took on unwarranted tax subsidies for credit unions and the Farm Credit System to ensure a more consistent and less costly approach to taxing financial institutions.
In other words, community bankers came to Washington to support common sense and consistency—an appropriate regulatory structure, a level playing field. By rolling up their sleeves and digging in, community bankers have shown a readiness to put in the work that is needed to advance positive reform. And as I noted—we’re seeing results. H.R. 1233 has added 22 cosponsors since last week to bring its total to 40 in the House, and S. 812 has tacked on eight for 29 total Senate cosponsors.
But we need to continue applying pressure on Congress to ensure passage of these critical reforms. The Washington Policy Summit might be over, but community bankers everywhere can stay in touch with their policymakers via ICBA’s Be Heard grassroots website. Follow up with your congressional delegation and hold their feet to the fire. By advocating positive reforms in letters to Congress, we can all go the extra mile to ensure community banks can continue to support local customers and communities one loan at a time.