A coalition of 43 community bank associations is urging the U.S. Senate to pass bipartisan legislation providing regulatory relief for community banks.
The coalition, which is affiliated with the Independent Community Bankers Association (ICBA), penned a letter to senators asking them to pass the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155), without any amendments.
“S. 2155, a robust package of community bank regulatory relief measures, is a rare opening for real, impactful relief that will strengthen economic growth, job creation, and consumer protection,” the coalition wrote. “It is the culmination of years of collaborative effort to achieve consensus among members of Congress across the spectrum and community bankers in their home states and districts.”
The bill was advanced by the Senate Banking Committee in December by a 16-7 vote. It currently has bi-partisan support from lawmakers, including Sens. Mike Crapo (R-ID), Joe Donnelly (D-IN), Heidi Heitkamp (D-ND), Jon Tester (D-MT), and Mark Warner (D-VA).
The bill would increase exemption thresholds for Home Mortgage Disclosure Act reporting, provide “qualified mortgage” status for portfolio mortgage loans at most community banks, and simplify community bank capital requirements, among other things.
ICBA officials said they look forward to working with the Senate, House, and Trump Administration on advancing this legislation.