The groups also pointed to the ICBA’s Plan for Prosperity, which they said would promote a regulatory environment that helps community institutions serve their customers.
“ICBA’s Plan for Prosperity is a platform of legislative proposals designed to provide much-needed relief for community banks to help them do what they do best—help Main Street communities grow,” ICBA President and CEO Camden R. Fine said. “By relieving the nation’s community banks and the communities they serve from crippling regulatory burdens, Congress can make important strides toward boosting the economy and job growth across the nation.”
The ICBA’s plan would exempt community institutions from certain mortgage reforms, eliminate redundancies in annual privacy notice rules, ease municipal advisor registration burdens, establish an assistant Treasury secretary for community banks and reform the CFPB’s governance to ensure “more balanced regulation.”
Additionally, the plan includes provisions to improve bank exam accountability, provide relief from accounting and auditing expenses for publicly traded institutions, provide new charter rules for mutual banks, require rigorous cost-benefit analysis of new rules and support additional capital for small bank and thrift holding firms.
The plan would also reduce red tape in small-business lending, encourage capital formation through the reform of Subchapter S corporation requirements and extend the net-operating-loss carry-back.