Independent Banker - April 2023 - 44

Past chairman
Robert M. Fisher
Chairman, president and
CEO of Tioga State Bank
in Spencer, N.Y.
Immediate past
chairman
Past chairman
Noah W. Wilcox
Brad M. Bolton
President and CEO of
Community Spirit Bank
in Red Bay, Ala.
President, CEO and
chairman of Grand Rapids
State Bank and its
holding company,
Wilcox Bancshares Inc.,
in Grand Rapids, Minn.
PAST ICBA
CHAIRS
Sills: It's not necessarily one specific
regulatory or legislative issue that will
impact communities and community
banks, it's the collective impact of
regulatory requirements that are
routinely imposed on our industry
that will impact large and small
communities across the country.
The burden of most regulation falls
disproportionately on community
banks, which raises operating costs
and risks, and over time has resulted
in smaller banks selling to equals or
larger banks that are seeking scale. It
has also resulted in the near absence
of de novo activity across the country.
Bolton: The biggest regulatory issue
that could help my communities is
a community bank exemption from
Section 1071 of the Dodd-Frank
Act. If we can convince the CFPB
to grant one, we can guarantee our
small business customers the same
relationship-focused lending they
have come to appreciate and enjoy.
On the legislative front, passing the
SAFE Banking Act would allow us to
expand community bank offerings to
an entirely new segment of businesses
and would give those businesses the
opportunity to bring dollars into
a community bank where they are
the safest.
Fisher: The climate risk regulations
proposed in my state of New York by
our Department of Financial Services
have no carveout for community
banks. Climate risk regulations could
cause customers to be abandoned by
their banks because they operate a
business or farm that utilizes fossil
fuels. We need to take a strong stand
to push back against the regulations
that could negatively impact
community banks and our customers.
Wilcox: I think any climate-related
regulation and any climate-related
legislation would have the largest
and most adverse impact on the
communities we serve. Much of
our trade area supports logging,
manufacturing and mining. There
are already enough policies that are
harming all these sectors; more could
be calamitous.
Hartings: We need legislative help
to fix this regulatory issue. Quoting
directly from ICBA's policy resolutions,
I believe " that application of the data
collection and reporting requirements
of Section 1071 of the Dodd-Frank Act
is misguided and will have a chilling
effect on our ability to meet the unique
needs of local small businesses. "
Congress needs to pass legislation that
would exempt community banks and
mission-oriented banks from Section
1071 of Dodd-Frank.
Tiffany Lukk is managing editor of
Independent Banker.
44 // ICBA Independent Banker // April 2023

Independent Banker - April 2023

Table of Contents for the Digital Edition of Independent Banker - April 2023

Independent Banker - April 2023 - Cover1
Independent Banker - April 2023 - Cover2
Independent Banker - April 2023 - 1
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Independent Banker - April 2023 - 24A
Independent Banker - April 2023 - 24B
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Independent Banker - April 2023 - Cover3
Independent Banker - April 2023 - Cover4
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