WASHINGTON–The Independent Community Bankers of America (ICBA) has released its legislative and regulatory policy objectives for 2022, and the credit union tax exemption is once again on the list.
The policy objectives were released during the ICBA Capital Summit and are designed to “guide ICBA advocacy in the coming year and reflect its unique mission of creating and promoting an environment where community banks flourish,” according to the organization.
"Recent ICBA polling conducted by Morning Consult found that 76% of Americans say banking with a locally based financial institution is important when determining where to bank," said ICBA Chairman Brad Bolton, president and CEO of Community Spirit Bank in Red Bay, Ala., in a statement accompanying release of the objectives. “These 2022 policy resolutions will continue to guide ICBA as we advocate on behalf of the nation’s community banks so they can continue helping their communities thrive."
The Objectives
Approved by its Policy Development Committee and board of directors, the ICBA said its policy objectives include
- Promoting a balanced and competitive financial services landscape for American consumers and businesses by:
- Improving community bank access to capital
- Defending the bank charter
- Supporting de novo community bank formation and mutual and savings institutions
- Preserving payments access, choice, and governance
- Opposing postal banking, FedAccounts, and the formation of new public banks.
- Urging reforms to tax-subsidized credit union and Farm Credit System policies.
- Advocating common-sense and appropriately tailored laws and regulations for community banks related to:
- Accounting and auditing
- Bank Secrecy Act and enforcement
- Community bank climate change regulation
- Consumer Financial Protection Bureau rules
- The Current Expected Credit Loss model and LIBOR transition
- IRS financial account reporting and tax policy
- Publicly held community banks and Securities and Exchange Commission rules
- Quarterly call reports and the supervisory environment
- Regulatory capital and tiered regulation
- Championing fair and equitable access to the financial system related to:
- The government-sponsored secondary mortgage market
- Banking cannabis-related businesses
- Community development financial institutions and minority banks
- The Community Reinvestment Act and fair lending
- Credit reporting, deposit account services, and privacy
- The Federal Home Loan Bank system
- Financial inclusion for underserved and unbanked individuals
- Mortgage lending regulation
- National flood insurance
- Rural America and farm bill programs
- Small-business lending and loan data collection
- Small-dollar loans
- Advancing responsible innovation related to:
- Core processors and third-party customer data access
- Faster payments and payment cards
- Technological innovation and deployment
- Protecting the safety and soundness of the financial system related to:
- Cryptocurrencies and central bank digital currency
- Cybersecurity, data security, and fraud.
- Deposit insurance
- Ending too-big-to-fail
- Housing finance reform and regulating Fannie Mae and Freddie Mac
- The independence of the federal banking agencies