Independent Banker - October 2018 - 45

to ensure all participants in the payments and fi nancial
systems-including merchants-are subject to GrammLeach-Bliley
Act-like standards. ICBA also supports a
national data security breach and notifi cation standard,
and requiring the costs of data breaches to be borne by the
parties that incur them.
" The protection of customer data is only as strong as its
weakest link, " says Jeremy Dalpiaz, ICBA vice president
of cybersecurity and data security policy. " So we need to
ensure all parties-including merchants, vendors and
credit bureaus-are subject to the same kinds of standards
that community banks meet on a daily basis. "
Meanwhile, ICBA continues to pursue a lawsuit against
Equifax that is seeking monetary relief for community
banks aff ected by its massive data breach, and asking
the court to direct the credit bureau to employ adequate
security protocols.
How you can help: Community banks can help
this cause by doing everything they can to
preserve their safety and security. Cybersecurity
initiatives such as .BANK (icba.org/dotbank) and
Sheltered Harbor (icba.org/shelteredharbor) provide
enhanced protections for community banks and
their customers.
Mortgage makeover
The debate over housing-fi nance reform has stretched
out over the course of a decade since the conservatorship
of government-sponsored enterprises Fannie Mae and
Freddie Mac in September 2008. Several Congresses have
made big plans to achieve reforms, including the current
one. With patience on Capitol Hill having long ago worn
thin, the next batch of lawmakers elected next month could
very well be the ones to pull off GSE reform.
Throughout the debate, ICBA has been consistent in
its support for preserving market liquidity, protecting
taxpayers, encouraging the return of private capital,
and ensuring a stable national mortgage market for
all stakeholders.
" The fi rst step in housing-fi nance reform should be
ending the sweep of Fannie Mae and Freddie Mac earnings
to the Treasury, and allowing them to recapitalize,
which will avoid future taxpayer bailouts and market
disruptions, " says Ron Haynie, ICBA senior vice president
of mortgage fi nance policy.
" After that, we need to ensure any reforms to the system
preserve direct and equal access to the secondary mortgage
independentbanker.org Q 45
" We need to ensure NFIP reforms
don't price people out of their
homes and businesses, or cause
them to drop flood insurance. "
-Mickey Thomas,
South Louisiana Bank
market for community banks. Otherwise, Washington will
be handing the entire market over to Wall Street. "
ICBA details its recommendations for housing-fi nance
reform in its Principles for GSE Reform white paper
(icba.org/advocacy).
How you can help: With GSE reform sure to be a
top priority in the next Congress, community
bankers can bring their voices to Washington at the
2019 ICBA Capital Summit. Slated for April 28 to May 1,
the Capital Summit provides unfettered access to top
http://www.icba.org/advocacy http://www.icba.org/dotbank http://www.icba.org/shelteredharbor http://www.independentbanker.org
Independent Banker - October 2018

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