Independent Banker - March 2018 - 9

Fine Points
By Camden R. Fine, president and CEO of ICBA
Serving one master
I
t's a dog-eat-dog world. Every organization
needs to keep evolving to stay relevant
and on top of its game, particularly in the
financial sector.
So I wasn't entirely surprised to read that
one of the trade associations representing
large financial institutions has reorganized its
membership structure. The Financial Services
Roundtable (FSR) has whittled itself down to
represent only commercial banks with more
than $25 billion in assets and major payments
companies, such as Visa and Mastercard. That
cuts the organization's membership nearly in
half-to roughly 40 institutions-and eliminates
insurers, asset managers and other nonbank
financial providers.
Now, let's not shed any tears for those who
are now on the outside looking in. These are
some of the nation's largest financial services
companies. And as I know all too well, they
have plenty of other powerful organizations to
represent their interests in Washington. They'll
be just fine, believe me.
In fact, I completely understand the FSR
board's decision. We at ICBA are lucky to serve
only one constituency: community banks. Unlike
other major financial trade groups, we can truly
speak with one voice. While our membership is
nationwide, our voice is not diffuse but concentrated
on the issues affecting community banks
and only community banks.
It's an ancient truth: No one can serve two
masters. ICBA is fortunate that our voice is not
diluted by the various competing segments of
the financial services industry. Rather, we are
driven by our unique mission: to create and
promote an environment where community
banks flourish.
In today's diverse financial sector, the
" one-size-fits-all " model of representing dual
interests simply does not work. ICBA has
recognized that fact since our founding in 1930,
when 28 community bankers literally passed a
hat to resist two large, power-hungry financial
institutions intent on a stated mission to vacuum
up every local bank in the Ninth Federal
Reserve District.
Our community bank founders stood up for
the community banking industry's relationship
banking principles and our nation's ideals of
independence and community. Those ideals
have served us well over the years, and they still
bind us together today. While the community
banking industry continues to evolve, our
mission and our commitment to community
banking remain steadfast.
ICBA advocates for policies that distinguish
community-focused commercial banks from
the large, systemically complex financial firms
that have grown increasingly powerful nationally
and globally. Community banks organize
under the umbrella of ICBA and our state and
regional partners to preserve our independence,
maximize our collective strength and restore
free-market principles to our banking system.
While the financial services industry's largest
entities work to realign their Washington
lobbying infrastructure, we can't forget the
role we serve as independent institutions. Our
very presence as competitors to the forces of
consolidation and concentration is an essential
part of maintaining our American traditions of
independence, self-reliance and entrepreneurship.
And by upholding our dedication to these
timeless values at the national and state levels,
we community bankers can ensure our independent
voice will never be silenced.
Follow Camden R. Fine on Twitter,
@Cam_Fine
independentbanker.org ICBA Independent Banker 9
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Independent Banker - March 2018

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