Independent Banker - April 2023 - 38

B
etween upcoming legislative challenges and
a Congress with many new members, advocacy for
community bankers is vital-and ICBA's new board of
directors is more than up to the task.
The 2023/24 ICBA
board of directors,
photographed at
ICBA LIVE 2023
in Hawaii
" Once again, I am completely inspired by the level
of passion and commitment our board has for this
industry, " said ICBA president and CEO Rebeca
Romero Rainey. " This group is no exception. Their unique stories,
their willingness to serve and their dedication to their communities is a
testament to what makes community banking so special. I am so excited
to maneuver through the challenges and leverage the opportunities that
lie ahead with this great group of leaders. "
Below, we hear from the new executive committee about the advocacy
issues that will arise this year and opportunities for positive change,
as well as from the rest of the board of directors on why they're so
passionate about community banking.
Q: What are the biggest advocacy
challenges on the horizon?
Derek B. Williams: I think the
climate issues and all the potential
regulation coming out of the
Consumer Financial Protection
Bureau (CFPB) are the most glaring
issues right now. We just have to
be sure that we are given credit for
our documented history of safety,
soundness and customer fairness
and care, and that those things
are always front and center in
the discussions.
Lucas White: One of our biggest
challenges is stopping the creation
of a central bank digital currency
(CBDC). The government seems
intent on creating a CBDC, and it
could disintermediate community
banks by transferring deposits
out of community banks to
the Federal Reserve, thereby
reducing our ability to lend in our
local communities.
Jack Hopkins: The biggest
advocacy challenge is regulatory
overreach. The new way of
regulating is not passing laws but
[creating] regulations that cannot get
support of both parties. For instance,
climate risk regulation. A bill can't get
passed in Congress, so regulators are
implementing regulations that will
trickle down to community banks.
Sarah Getzlaff: Our biggest challenge
continues to be distinguishing
community banks from our
competitors and from Wall Street
banks. This distinction is especially
important with Section 1071,
overdraft reform, interchange
mandates and climate risk. We
also need to distinguish ourselves
from credit unions while pushing
for accountability and a level
playing field.
James Sills: In my opinion,
competitive fairness is the greatest
challenge facing the banking industry
today, particularly for community
banks. With advances in technology
and changing demographics in
our country, a growing number of
companies want to be involved in
offering the more profitable aspects
of financial services (payments,
government-guaranteed lending,
etc.) but without the regulatory
oversight that accompanies a bank
charter. We have to be diligent in
our advocacy for a level playing field
for all financial services providers.
Such an environment is good for
both consumers and providers of
financial services.
Brad M. Bolton: Our biggest
advocacy challenges center around
the regulatory agencies. The CFPB
and even the FDIC are not presently
embracing a tiered regulatory
system, which is what we must
fight for. Community bankers must
make their voices heard about the
38 // ICBA Independent Banker // April 2023
Independent Banker - April 2023

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