The dominant issue in community banking these past months has of course been the Paycheck Protection Program and the economic impact of the coronavirus on your banks, customers, and communities.
Community bankers have emerged as the champions of small businesses and their employees, which have all too unfortunately been blindsided by an abrupt shutdown caused by the COVID-19 pandemic.
As we continue our relentless focus on customers in need, we must not let our guard down in continuing to urge Congress, the agencies, and the public to “wake up” to an overly-opportunistic credit union industry. Otherwise, we will emerge from this crisis with riskier and more emboldened credit unions all thanks to their captured, cheerleader regulator, the National Credit Union Administration (NCUA).
I appeal for your help in submitting comments to the NCUA on two recent proposed rules:
It is critical that community banks make a strong grassroots showing, in quantity and quality of letters, to influence the rules and set down a marker against further powers expansion.
Thank you for all you do, community bankers! Your involvement and persistence is critical to our industry’s success.
Sincerely,
Community bankers have emerged as the champions of small businesses and their employees, which have all too unfortunately been blindsided by an abrupt shutdown caused by the COVID-19 pandemic.
As we continue our relentless focus on customers in need, we must not let our guard down in continuing to urge Congress, the agencies, and the public to “wake up” to an overly-opportunistic credit union industry. Otherwise, we will emerge from this crisis with riskier and more emboldened credit unions all thanks to their captured, cheerleader regulator, the National Credit Union Administration (NCUA).
I appeal for your help in submitting comments to the NCUA on two recent proposed rules:
- Subordinated debt. The NCUA has proposed to allow large credit unions to issue subordinated debt, which would fuel rapid growth and consolidation in an industry that is already growing too quickly. View ICBA's sample comment letter.
- Credit union-bank acquisitions. The NCUA has proposed a new rule on credit union acquisitions of other financial institutions. As you know, these acquisitions have become more frequent and are rapidly transforming the financial services market. They threaten to undermine the tax base in your states, which, following the economic shutdown, are more desperate than ever for revenues. The NCUA proposal would create more transparency and is a step in the right direction. Our objection is that it does not go far enough. We must not miss an opportunity to meaningfully regulate and curb acquisitions which abuse the credit union tax subsidy. View ICBA's sample comment letter.
It is critical that community banks make a strong grassroots showing, in quantity and quality of letters, to influence the rules and set down a marker against further powers expansion.
Thank you for all you do, community bankers! Your involvement and persistence is critical to our industry’s success.
Sincerely,
Rebeca Romero Rainey
President and CEO
Independent Community Bankers of America
President and CEO
Independent Community Bankers of America
ICBA, VACB Earn Major Victory for Their Communities in PPP Reauthorization
State community bank trade associations including the Virginia Association of Community Banks (VACB) joined the Independent Community Bankers of America (ICBA) and state community bank associations across the nation to win designated funding in the next round of the Paycheck Protection Program for small businesses in their communities.
Advocating tirelessly over the past several days, community bank advocates gained a set-aside allocation of at least $60 billion in PPP funds, to help ensure that small businesses across the nation have access to PPP loans through their local community bank.
Community bank commitment to funding small business through the first round of PPP was recognized by national media, highlighted by news stories, and validated by the data. They were disproportionally successful in securing loans for their local small businesses. Despite that, community bank advocates had to overcome the objections of the nation’s largest banks to ensure that small businesses receive access to the support they need, as Congress intended when the PPP was created, and community bankers prevailed for their communities.
We applaud members of Congress for recognizing the vital role community banks serve in supporting Main Street businesses, and for listening to the advocacy of ICBA and VACB, so that community banks have the funds they need to bolster local lending during this challenging time.
Advocating tirelessly over the past several days, community bank advocates gained a set-aside allocation of at least $60 billion in PPP funds, to help ensure that small businesses across the nation have access to PPP loans through their local community bank.
Community bank commitment to funding small business through the first round of PPP was recognized by national media, highlighted by news stories, and validated by the data. They were disproportionally successful in securing loans for their local small businesses. Despite that, community bank advocates had to overcome the objections of the nation’s largest banks to ensure that small businesses receive access to the support they need, as Congress intended when the PPP was created, and community bankers prevailed for their communities.
We applaud members of Congress for recognizing the vital role community banks serve in supporting Main Street businesses, and for listening to the advocacy of ICBA and VACB, so that community banks have the funds they need to bolster local lending during this challenging time.
Does Your Bank Need Re-Opening Items?
We have the source
If your bank or company needs supplies to help with reopening efforts, our Associate Member Source4 has you covered.
Source4 has the following items available:
Source4 has the following items available:
- Welcome Back Signage
- Re-opening Signage
- Traffic Flow & Social Distancing Floor Graphics
- Employee & Customer Guides for Health & Safety
- Antibacterial Pens
- And MUCH MORE!
Need A Community Bank? We have you covered - Click HERE
Coronavirus Resources
Visit this ICBA site daily! Find valuable updates on all things coronavirus related: regulatory guidance, legislative activity, disease-related resources, and ICBA content created specifically for community banks.
VACB Meetings Re-Scheduled & New Offerings
These sessions have been added:
As more bankers are working remotely, VACB has put together several timely programs being offered as virtual, live programs.
Second Quarter Compliance Forum Meetings - Stay tuned to see the innovative program VACB and Patti Joyner are working on for our early June Compliance Forum meetings!
As more bankers are working remotely, VACB has put together several timely programs being offered as virtual, live programs.
Second Quarter Compliance Forum Meetings - Stay tuned to see the innovative program VACB and Patti Joyner are working on for our early June Compliance Forum meetings!
The following sessions have been rescheduled:
VACB Essentials of Banking - Sessions 1 & 2 will now be held May 27 & 28 and Sessions 3 & 4 will be held June 9 & 10
VACB Compliance Forum Institute - Will be held July 22 - 24 and offered as a live/virtual program. Registration is currently open for this program.
Bank Directors' Symposiums These are being postponed and will be rescheduled for September. The Southwest Meeting will be Tuesday, September 8 at Hotel Roanoke and the Central Meeting will be September 9 at the Hilton Richmond Hotel & Spa.
VACB Essentials of Banking - Sessions 1 & 2 will now be held May 27 & 28 and Sessions 3 & 4 will be held June 9 & 10
VACB Compliance Forum Institute - Will be held July 22 - 24 and offered as a live/virtual program. Registration is currently open for this program.
Bank Directors' Symposiums These are being postponed and will be rescheduled for September. The Southwest Meeting will be Tuesday, September 8 at Hotel Roanoke and the Central Meeting will be September 9 at the Hilton Richmond Hotel & Spa.
