Independent Banker - December 2018 - 7

FROM THE TOP
" While our days were
sometimes a grind, together
we achieved numerous
historic advocacy gains that
have had tangible benefits. "
Tim Zimmerman
Chairman, ICBA
Tim Zimmerman is CEO of
Standard Bank, Monroeville, Pa.
They say the days are long and the years are
short. This is often used in the context of raising
children, but it's just as relevant for community
bankers in 2018. While our days were sometimes
a grind, together we achieved numerous historic
advocacy gains that have had tangible benefits.
We started 2018 digesting and implementing
generational tax reform, which passed at the end
of 2017 and features significant reductions in tax
rates. Meanwhile, we kept our focus on pushing
forward for regulatory relief.
leaving the mortgage lending market due to the
regulatory headaches, these and other provisions
could be a game changer.
Thanks to the cumulative impact of grassroots
calls and emails, op-eds, petitions and meetings,
the Economic Growth, Regulatory Relief, and
Consumer Protection Act (S.2155) was passed and
signed into law with strong bipartisan support! It
unravels many of the suffocating regulatory burdens
community banks face. It is already paying
dividends and providing real regulatory relief.
Let's start with mortgage lending. The
expanded " qualified mortgage " safe harbor for
portfolio loans will benefit the vast majority of
community banks. The agencies have begun to
act on the exemption from expanded Home Mortgage
Disclosure Act reporting, shielding many
local banks from this excessive regulatory burden.
Meanwhile, they're working to implement
relief from mandatory escrow requirements. For
those community bankers who have considered
Did you
know?
Community
bankers this
year sent more
than 15,000
messages and
10,000 petition
signatures
to Congress
advocating
the passage of
S.2155
Or how about the broader regulatory reporting
environment? S.2155 implements a short-form
call report, expands access to the 18-month exam
cycle, exempts most community banks from
the Volcker Rule, simplifies capital rules and
eliminates Dodd-Frank stress testing for larger
community banks. This all adds up to a far more
efficient and manageable regulatory regime, allowing
community bankers to focus more on what we
do best: serve our customers and communities.
We're also enjoying a welcome change in the
" tone from the top " of the banking agencies. The
regulatory heads have professed a commitment
to transparency, innovation and congressional
intent, and are working to restore trust among
community banks and other regulated entities.
As 2018 comes to a close, our industry stands
far stronger than it did at the beginning of this
whirlwind of a year. The concrete policy gains that
we achieved are already helping our banks thrive. I
am confident that we will be able to build on these
accomplishments in 2019.
Connect with Tim @TimZimPgh
independentbanker.org Q 7
http://www.independentbanker.org
Independent Banker - December 2018

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