WASHINGTON–In a statement released in conjunction with a Senate Banking Committee hearing, the Independent Community Bankers of America (ICBA) called on regulators to quickly implement provisions of the Economic Growth, Regulatory Relief and Consumer Protection Act, including simpler capital rules and short-form call reports for community banks.
In its statement, the ICBA thanked regulators for their prompt efforts to date on providing rules and guidance on the law while noting that community banks eagerly await needed rules on remaining issues.
“ICBA and the nation’s community bankers thank the regulatory agencies for swiftly enacting many provisions of S. 2155, but additional action is required on several key provisions to help community banks unleash their full economic potential,” ICBA President and CEO Rebeca Romero Rainey said. “Providing highly capitalized community banks with relief from onerous capital rules and excessive reporting requirements will make a positive difference for local consumers and small businesses.”
S. 2155 included a provision exempting well-capitalized community banks with less than $10 billion in assets from all risk-based capital requirements, including Basel III and its predecessors. It also requires regulators to create a short form call report for banks with assets of less than $5 billion to be filed in the first and third quarters of each year, which ICBA has been among its top priorities for years.