The Independent Community Bankers of America (ICBA) is joining the nation’s community bankers in touting passage of a bill designed to boost consumer credit and business lending.
Congress recently voted a approve the Economic Growth, Regulatory Relief and Consumer Protection Act, which lawmakers said would spur greater consumer access to credit and business lending in Main Street communities nationwide.
“This hard-fought, long-awaited community bank regulatory relief legislation will put community banks in an enhanced position to foster local economic growth and prosperity,” ICBA President and CEO Rebeca Romero Rainey said. “By unraveling some of the suffocating regulatory burdens community banks face, they are better able to unleash their full economic potential to the benefit of their customers and communities.”
The measure provides qualified mortgage status for portfolio mortgage loans at most community banks and creates a short-form call report for use in the first and third quarters by certain well-rated community banks. It also expands eligibility for the 18-month regulatory exam cycle to more community banks and eases appraisal requirements to facilitate mortgage credit in local, rural communities.
“ICBA thanks Congress for passing this crucial bill, along with the thousands of community bankers, affiliated state associations and other industry allies who have fought for years for substantial regulatory relief that will strengthen economic growth, job creation, and consumer protection in local communities,” Rainey said.