The Independent Community Bankers of America patted themselves on the back Thursday for a legislative victory that resulted in an invitation to the Rose Garden, while credit unions were shut out.
Camden Fine, president/CEO of the ICBA, thanked President Obama for signing the Jumpstart Our Business Startups Act into law.
Fine, who attended the White House ceremony Thursday in which Obama signed the Jobs Act, said in a release that the provision which raised the Securities and Exchange Commission registration threshold for banks will “help community banks, which fuel over 60% of the nation’s small businesses, continue to serve their small business customers and create more local jobs for hardworking Americans.”
The higher SEC threshold will enhance community banks’ ability to lend locally, and significantly reduce the overall regulatory burden for banks that can now deregister with the SEC, he said.
“This will ultimately free many community banks up so they have the ability to make even more small business and consumer loans, creating economic growth and prosperity for their communities in cities and towns throughout the country,” Fine said.
The ICBA has been vocal in its opposition to efforts to raise the member business lending cap for credit unions, including keeping it out of the JOBS bill and listing the issue in its legislative priorities for 2012.