WASHINGTON-The Independent Community Bankers of America applauded the proposed streamlining of Community Reinvestment Act reporting standards in their official comment letter. The proposal would increase the minimum size of bank having to report on the long form from $250 million to $500 million. However, ICBA thought an even greater increase would be appropriate to at least $1 billion, if not $2 billion. Increasing the limit to $1 billion, which is included in separate bill, would impact another 524 banks. "The ICBA applauds the federal banking agencies and members of Congress for recognizing that it is time to expand this critical burden-reduction benefit to larger community banks," ICBA Executive Vice President Karen M. Thomas wrote. "These measures would allow more community banks to focus on what they do best-fueling America's local economies." According to ICBA, examining a $500 million-asset bank under "large" bank CRA exam procedures does not make sense in an age of trillion dollar banks.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.