The Independent Community Bankers of America (ICBA) met with the Treasury Department Secretary Steven Mnuchin last week to discuss how federal policymakers can address the impact of overregulation on community banks.
The community bankers in attendance detailed how federal regulations that are limiting access to credit for consumers and small businesses and inhibiting economic and job growth in local communities.
The group discussed ICBA’s Plan for Prosperity, its regulatory relief platform that contains nearly 40 legislative recommendations to alleviate excessive burdens, unleash community bank lending and preserve consumer protections.
“ICBA strongly supports the commitment that Secretary Mnuchin and the rest of President Trump’s administration have shown to meaningful regulatory relief that will allow the nation’s community banks to fund and spur economic activity and prosperity,” ICBA president and CEO Camden Fine said. “Following the recent community banker meeting at the White House and amid ongoing efforts by Congress to address community bank overregulation, we have an opportunity to truly take on the regulatory burdens that get between community bankers and consumers, harming economic growth throughout America.”
The meeting was held in conjunction with President Trump’s executive order directing the Treasury Department to review existing laws, treaties, regulations, guidance, reporting and recordkeeping to determine if they promote or inhibit federal regulation of the U.S. financial system.