Independent Banker - October 2018 - 9

FROM THE TOP
" Bank-like credit unions
should be subject to the
same laws and regulations
as banks. It's as simple
as that. "
Tim Zimmerman
Chairman, ICBA
Tim Zimmerman is CEO of
Standard Bank, Monroeville, Pa.
ICBA is working to address many advocacy
issues as policymakers implement S.2155. While
the variety of rules and regulations affecting our
industry is vast, ICBA's position is simple: We
support a level playing field.
Community banks are ready, willing and able
to compete in a fair and open marketplace. But
too often, the regulatory and tax burdens we face
don't apply to government-sponsored competitors.
Ironically, their competitive advantage is
funded in part by our tax dollars.
For instance, credit unions have become virtually
indistinguishable from taxpaying banks
while enjoying their huge government subsidy
and Community Reinvestment Act exemption.
Meanwhile, the National Credit Union Administration
has repeatedly shown itself to be an
industry advocate rather than a regulator. Credit
unions should be subject to the same laws and
regulations as banks. It's as simple as that.
The same goes for the Farm Credit System
(FCS), whose lenders enjoy unfair competitive
advantages over community banks that serve
rural areas. The FCS continues to use its tax-advantaged
status to cherry pick the best loans,
leaving only the more challenging and riskier
loans for community banks to make. That jeopardizes
the viability of many community banks and,
in turn, the economic strength of the communiDid
you
know?
ICBA's policy
objectives
are approved
annually by
its Policy
Development
Committee
and board of
directors.
ties they serve. The FCS is also sharply reducing
service to family farmers and expanding nonfarm
lending. ICBA's position: Reform the FCS
to ensure it adheres to its historical mission of
serving farmers and ranchers while preventing it
from engaging in selective below-market pricing
and non-farm lending.
Finally, ICBA remains concerned with the real
and potential inequities of chartering industrial
loan corporations and fintech companies,
respectively. Because the ILC loophole allows
commercial interests to own banks while avoiding
the legal restrictions and regulatory supervision
that apply to other bank holding companies,
ICBA is seeking a moratorium on such charters
from the FDIC and a permanent ban from Congress.
ICBA is also working to ensure the pending
special-purpose national bank charter for fintech
firms subjects these companies to the same standards
of safety, soundness and fairness as other
federally chartered institutions.
There are many ways to rebalance our off-kilter
financial services marketplace. ICBA offers
numerous resources to help you make a difference.
Read on to learn more.
Connect with Tim @TimZimPgh
independentbanker.org Q 9

http://www.independentbanker.org

Independent Banker - October 2018

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

Table of Contents
Independent Banker - October 2018 - Intro
Independent Banker - October 2018 - Cover1
Independent Banker - October 2018 - Cover2
Independent Banker - October 2018 - Table of Contents
Independent Banker - October 2018 - 2
Independent Banker - October 2018 - 3
Independent Banker - October 2018 - 4
Independent Banker - October 2018 - 5
Independent Banker - October 2018 - 6
Independent Banker - October 2018 - 7
Independent Banker - October 2018 - 8
Independent Banker - October 2018 - 9
Independent Banker - October 2018 - 10
Independent Banker - October 2018 - 11
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Independent Banker - October 2018 - Cover3
Independent Banker - October 2018 - Cover4
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