Independent Banker - August 2018 - 9

FROM THE TOP
" We'll continue pushing
to make these reforms as
valuable as possible for
community banks. "
Tim Zimmerman
Chairman, ICBA
Tim Zimmerman is CEO of
Standard Bank, Monroeville, Pa.
Community bankers have put years of effort
into the regulatory relief provisions that were
signed into law under the bipartisan Economic
Growth, Regulatory Relief and Consumer Protection
Act. But the battle doesn't end there.
Federal regulators are now charged with writing
the rules that implement the act and detail
how it will affect community bankers on the
ground, so ICBA is working with the agencies to
maximize its beneficial impact.
For starters, ICBA called on federal regulators
to issue regulations that implement the ICBA Plan
for Prosperity-inspired law as quickly as possible.
In letters to the prudential banking regulators
and the Consumer Financial Protection Bureau,
ICBA cited the many regulatory relief provisions
that will help community banks unleash their full
economic potential.
Some provisions, such as those simplifying
capital rules and establishing a new community
bank leverage ratio, will take time to implement.
But many can be enacted by simply revising existing
rules. For instance, ICBA's letters encourage
the agencies to quickly issue regulations providing
" qualified mortgage " and Home Mortgage
Disclosure Act relief, implementing Volcker Rule
and escrow exemptions, and expanding access
to the 18-month exam cycle and the Small Bank
Holding Company Policy Statement.
Did you
know?
ICBA submitted
two petitions
during the
debate over
the Economic
Growth,
Regulatory Relief
and Consumer
Protection
Act that
garnered more
than 10,000
signatures each.
In a separate message, ICBA specifically called
on the agencies to quickly issue regulations for
the short-form call report created by the law and
long advocated by ICBA. A provision in the act
directs agencies to use a short-form report in the
first and third quarters for banks with total consolidated
assets of less than $5 billion.
ICBA is calling on the agencies to limit shortform
reporting to the balance sheet, income
statement and statement of changes in shareholders'
equity without any other supporting schedules.
This would allow relevant stakeholders to gain
a solid understanding of reporting institutions'
financial condition and performance without the
excessively complex and burdensome reporting
exercise associated with the long-form report.
ICBA and community bankers have spent
much time at the forefront of the regulatory relief
push, and we need to ensure those efforts deliver
meaningful relief at the operational level. We'll
continue pushing to make these reforms as valuable
as possible for community banks. We are not
resting on our laurels but are committed to delivering
additional relief for community banks and
local communities.
Connect with Tim @TimZimPgh
independentbanker.org Q 9
http://www.independentbanker.org
Independent Banker - August 2018

Table of Contents for the Digital Edition of Independent Banker - August 2018
