Excerpted from Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America.The Hill, January 15, 2019:
With a proven track record of advocating common-sense reforms that deliver tangible results for Main Street consumers and small businesses, community banks are committed to supporting economic principles that every member of Congress can stand behind.
The new chairwoman and ranking member of the House Financial Services Committee — Rep. Maxine Waters (D-Calif.) and Rep. Patrick McHenry (R-N.C.) — have indicated they can work together on bipartisan legislation. With the Senate Banking Committee’s recent history of bipartisan achievement, there are real opportunities to make headway on outstanding financial services policy issues to support our communities nationwide.
Comprising 99 percent of U.S. banks, community banks make more than 60 percent of the nation’s small-business loans and some 80 percent of agricultural loans. Community banks focus on local consumers, serving as the only physical banking presence for one in five U.S. counties.
To better disperse economic opportunity throughout every local community, community banks support a more efficient system of regulation, unbiased laws governing the financial sector, a safer and more secure business environment and more effective agriculture policies.
Community banks support a competitive landscape free from distortions caused by too-big-to-fail financial firms…. Meanwhile, community banks support housing-finance reforms that ensure a reliable source of funding for mortgage lending through all economic cycles and in all geographic markets.
As lawmakers begin to tackle these and other issues in the 116th Congress, community bankers look forward to working with them to provide every American an equitable opportunity to take part in our nation’s economic and job growth. Together, we can ensure full and nationwide opportunity and prosperity, one community at a time.
“Inside Rebeca Romero Rainey’s plans to help community banks flourish,” Independent Banker, May 1, 2018.