Independent Banker - July 2018 - 30

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own challenges. Several members of the House sought to
expand on S.2155, which would have jeopardized the delicate
bipartisan balance crafted in the Senate and forced a
changed bill to go through the Senate all over again.
ICBA and community bankers responded in force. In
April, you advocated prompt House passage of S.2155
in more than 325 congressional meetings and a meeting
with National Economic Council director Larry Kudlow.
In May, ICBA submitted a fresh petition signed by more
than 10,000 community bank employees and allies urging
immediate passage, while a coalition of 43 ICBA-affiliated
state community banking associations weighed in.
Ultimately, our collective voice was heard. The House
agreed to vote on S.2155 in exchange for delivering a separate
set of regulatory relief proposals to the Senate. In May,
it passed S.2155 on a bipartisan 258-159 vote, sending
the bill to the president to be signed into law.
The journey continues
The final vote was a testament to the hard work and diligence
of community bankers, ICBA leadership and staff,
our affiliated state associations and industry allies. This
collective effort paid off in the many pro-growth provisions
contained in the new law, including relief from mortgage,
capital, data-reporting and other regulations. There are
beneficial regulatory relief measures in S.2155 for community
banks of all sizes (see sidebar).
ICBA sincerely thanks community bankers for your
years of service to make these policies a reality. It is a
significant achievement, particularly in the extremely partisan
environment of modern Washington.
But make no mistake-our regulatory relief battle will
continue. While federal rule-writers
get to work enacting the many
pro-community bank policies contained
in this important law, ICBA
has wasted no time continuing our
pursuit of tiered and proportionate
community bank regulation.
From excessive Bank Secrecy Act
requirements to Consumer Financial
Protection Bureau overreach
to leveling the playing field with
tax-exempt credit unions and the
Farm Credit System, ICBA's relentless
advocacy will continue.
Go
online
Explore an
interactive
timeline of
ICBA's S.2155
advocacy at
icba.org/2155
Thank you again, community bankers. Our industry's
peerless reputation, commitment to localized economic
growth and dogged grassroots outreach have paid dividends.
Let's keep up the good work.
What S.2155 does
The Economic Growth,
Regulatory Relief and Consumer
Protection Act contains
numerous provisions from ICBA's
Plan for Prosperity.
Q It provides " qualified mortgage "
status for portfolio mortgage
loans at most community banks
Q It exempts certain
community bank loans from
escrow requirements
Q It simplifies community bank
capital requirements
Q It creates a short-form call
report for use in the first and
third quarters by certain wellrated
community banks
Q It expands eligibility for the
18-month regulatory exam cycle
to more community banks
Q It eases appraisal requirements
to facilitate mortgage credit in
local, rural communities
Q It exempts most community
banks from the Volcker Rule
Q It exempts community banks
that make 500 or fewer
mortgages per year from the
Consumer Financial Protection
Bureau's new, additional Home
Mortgage Disclosure Act
reporting requirements
Q It expands access to the Federal
Reserve's Small Bank Holding
Company Policy Statement to
help more community banks
build capital
Q It allows federal savings
associations with $20 billion or
less in assets to operate with
national bank powers
Q It improves regulatory
treatment of reciprocal
deposits and certain
municipal securities
Q It provides relief for larger
community banks, including
higher asset thresholds
for systemically important
financial institution
designations, and easing of
stress testing and formal risk
committee requirements
30 Q ICBA Independent Banker Q July 2018

http://www.icba.org/2155
Independent Banker - July 2018

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