WASHINGTON —While credit unions were not included as one of their bullet points of focus for its Capital Summit event in Washington this week, the Independent Community Bankers of America (ICBA) newly released legislative and regulatory policy objectives for 2023 make clear credit unions remain a target.
The organization said the resolutions will guide ICBA advocacy in the coming year and reflect its “unique mission of creating and promoting an environment where community banks flourish.”
Those policy recommendations include:
- Promoting a balanced and competitive financial services landscape for American consumers and businesses
- 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
Other Areas of Focus
In addition, the ICBA said it will be 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 risk regulation
- Consumer Financial Protection Bureau rules
- The Current Expected Credit Loss model
- Quarterly call reports and the supervisory environment
- Regulatory capital and tax policy
- Regulation E and peer-to-peer payments fraud
- Publicly held community banks and Securities and Exchange Commission rules
- Tiered regulation
- Championing fair and equitable access to the financial system related to
- Community development financial institutions.
In addition, the ICBA said it will seek to advance “responsible innovation” related to:
- Core processors and customer data access
- Faster payments
- Innovation
- Payment cards
Protecting Safety & Soundness
Finally, the ICBA said it will be focused on protecting the safety and soundness of the financial system related to:
- Cryptocurrencies and central bank digital currency
- Cyber incidents and breaches
- Data security and fraud
- Deposit insurance
- Ending too-big-to-fail
- Housing finance reform and regulating the government-sponsored enterprises
- The independence of the federal banking agencies and the dual banking system.
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