Independent Banker - October 2018 - 48

Regulatory consistency
ICBA's push for a level playing fi eld extends beyond tax
exemptions to regulatory consistency, which has come to
the fore as regulators weigh charters for the new generation
of fi nancial technology companies.
For one, ICBA has signifi cant concerns with the OCC's
acceptance of special-purpose bank charters for fi ntech
fi rms, which could be used to access the banking system
and avoid state consumer protection laws. ICBA continues
to argue that the OCC should procure explicit statutory
reducing service to family farmers.
" Credit unions and Farm Credit are continuously trying
to expand on the taxpayer-funded benefi ts they already
receive, so it's up to us to both bottle up those attempts and
try to reverse them, " says Aaron Stetter, ICBA executive
vice president of policy and political operations.
How you can help: Spread the word! ICBA's
Marketing & Communications Toolkit
(icba.org/marketingtoolkit) off ers resources, including
customizable news releases, op-eds and social media
content, that distinguish taxpaying community banks
from those institutions that enjoy costly tax subsidies.
" The first step in housingfinance
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. "
-Ron Haynie, ICBA
48 Q ICBA Independent Banker Q October 2018
authority from Congress before it issues fi ntech charters.
" Any new chartered institution should be subject to the
same supervision and regulation required of community
banks, including oversight and regulation of parent
companies under the Bank Holding Company Act, " ICBA
president and CEO Rebeca Romero Rainey said when the
OCC confi rmed its plans earlier this year.
Meanwhile, ICBA continues to oppose new industrial
loan corporation (ILC) proposals, which would allow
commercial interests to own full-service banks while
avoiding rules that apply to other bank holding companies.
Like the since-withdrawn applications of SoFi Bank and
Square, Nelnet Bank's recently proposed ILC is designed to
avoid the legal restrictions of the Bank Holding Company
Act, ICBA told the agency.
ICBA continues to encourage the FDIC to impose a
two-year moratorium on future ILC deposit-insurance
applications while calling on Congress to close the ILC
loophole for good.
How you can help: Lead the way. While ICBA
works the policy front, it also off ers resources
on how community banks can create, collaborate with
and invest in fintech. For instance, ICBA's Fintech
Strategy Roadmap (icba.org/fintech) outlines the
necessary considerations to ensure these strategic
decisions succeed.
The community banking industry's work in Washington
is never fi nished. While ICBA continues to advocate
policies that create and promote an environment where
community banks fl ourish, community bankers nationwide
can access its vast pool of resources to support the
industry's goals and their bottom line.
Thomas Warren (thomas.warren@icba.org) is ICBA vice
president of communications.
http://www.icba.org/marketingtoolkit http://www.icba.org/fintech
Independent Banker - October 2018

Table of Contents for the Digital Edition of Independent Banker - October 2018
