Independent Banker - February 2023 - 44

the requirements of federally insured
chartered banks and should not be
granted any charter or access to the
Federal Reserve's payment system.
Overdraft and other fees
ICBA will continue to push back
against eff orts by the CFPB to regulate
overdraft and other fees without using
the rulemaking process. ICBA also
believes the CFPB misunderstands the
benefi ts of these fees and has wrongly
labeled them unfair.
Payments
ICBA is a strong advocate for secure,
fi nancial institution-centric payments
systems, and urges policymakers and
regulators to maintain their position
that direct access to these systems
be limited to federally insured and
regulated fi nancial institutions.
ICBA recognizes that 2023 will be a
pivotal year as the industry prepares
for the launch of FedNow and urges
all community banks to develop and
implement strategic plans to provide
faster payments products and services
to meet customer needs.
To safeguard a level playing
fi eld, ICBA is working to ensure
community banks are included in the
governance process, that rulemaking is
transparent, timely and inclusive, and
that new entrants into the industry are
regulated for safety and soundness.
Community bank payments systems
must maintain choice and access and
not be limited through the imposition
of anticompetitive and discriminatory
pricing or policies, membership
requirements, operating rules or
technological barriers.
Fraud
Fraud remains a rampant problem
and community banks frequently pay
the price for others' poor controls,
including P2P providers like Zelle.
As regulators debate customer
liability, levels of Reg E protections
and where the line is drawn around
payment responsibility, ICBA believes
regulatory restrictions aren't the
answer. Policymakers should focus
more on the fraudsters and work with
P2P technology vendors to maximize
consumer awareness of fraud schemes
and implement safeguards, such as
multifactor authentication, to reduce
consumer approvals of fraudulent
transactions without delaying
consumers' access to their funds.
Your host, ICBA Chief
Innovation Officer Charles
Potts, speaks candidly
with community banking
leaders to glean actionable
insights and inspiration on
everything from managing
talent and advocacy
to the demands of the
ever-shifting financial
technology landscape.
Lilly Thomas (lilly.thomas@
icba.org) is ICBA's executive
vice president and senior
regulatory counsel.
We need your voice
Community bankers have an important role to play in this advocacy
work. As ICBA engages with policymakers and regulators,
community bankers should check in regularly with the ICBA
Advocacy Toolkit to find opportunities and language to comment
on proposed rules and explain the real-world impact of regulation
on community banks and the communities they serve.
You can help ICBA shape the regulatory road ahead by visiting
icba.org/advocacy
HEAR COMMUNITY BANKERS:
Talk about their experiences
advocating for the community
banking industry, innovating in
ways big and small, and educating
bank staff to ensure they have
the skills they need to thrive.
Share their personal journeys
in banking and how they have
evolved professionally.
Speak openly about the
industry-it's future and
evolution.
LISTEN IN
icba.org/podcast
PRESENTING SPONSOR
http://www.icba.org/podcast http://www.icba.org/advocacy
Independent Banker - February 2023

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