WASHINGTON— The Independent Community Bankers of America and credit unions seem to agree on one thing: opposing the consolidation of the nation’s banking regulators.
As CUToday.info reported, Trump Administration officials are reported to be discussing plans to curtail and combine the power of banking regulators—without Congress's input.
“While Wall Street bank executives and others have called for consolidating the nation’s banking regulators, ICBA and community bankers have long supported the independence of the federal banking agencies and our nation’s dual banking system,” said ICBA President and CEO Rebeca Romero Rainey. “Federal banking regulators should be objective, nonpartisan, and protected from political influence, which is essential to promoting a safe and sound banking system, consumer confidence, and a strong national economy. Wall Street calls for consolidating the agencies undermine consumer confidence in the financial system.
Romero Rainey said any changes to the nation’s system of banking regulation must involve careful study and input from all stakeholders, including the community banks.
“While community banks are strong advocates for streamlining federal banking regulations and building efficiencies, structural reforms are better focused on protecting agency accountability by enacting board oversight at the federal banking agencies with meaningful community bank representation and ensuring regulatory oversight is tiered and risk weighted,” she said.
The Defense Credit Union said it is pleased to see ICBA come out in agreement with DCUC against the consolidation of financial regulators.
“DCUC has been the leading voice advocating for a strong and independent NCUA,” said DCUC Chief Advocacy Officer Jason Stverak. “We have shared this issue with our members multiple times and have made it a top DCUC Hike the Hill advocacy priority for our members coming into Washington next week for our Defense Matters meeting held during GAC. In fact, we made it into one of our advocacy one- pagers that we are sending to our members.”