— Valerie Anderson-Boudaka, ICBA National Director,
    Farmers State Bank of Canton, Canton, SD

Hello, Community Bankers!  In preparation for the Capitol Summit – which is scheduled for April 28th to May 1st in Washington, D.C.- ICBA has updated its “Advocacy in Action” dashboard.  This can be found in the “Advocacy” section of ICBA.org.  I encourage everyone to use this tool to become familiar with ICBA’s top priorities as we gear up for lobbying on Capitol Hill.  Below are a few hot-button issues to focus on.

ACRE Act

Formally known as the ECORA Act, the ACRE Act would create a tax exclusion for interest on loans secured by agricultural land and residential mortgages in small communities.  Banks are continually losing customers to Farm Credit due to their lower rates.  A tax exclusion for interest made on loans secured by land and residential mortgages would help make us more competitive with Farm Credit and other government programs.

CFPB Overdraft Proposal

The CFPB has proposed a notice of rulemaking that would treat overdraft services under Regulation Z, which would essentially consider overdraft services in the same fashion as credit cards.  The ICBA is encouraged that community banks with less than $10 billion in assets would be exempt.  However, we are strongly advocating for tiered regulation without fee caps for community banks over $10 billion.

Farm Bill and Support for Agriculture

South Dakota’s community banks rely on farming and agriculture.  The ICBA is advocating for six key principles for a new Farm Bill.  These priorities include ample funding for commodity programs, rural broadband, and crop insurance.  The ICBA is also working on raising USDA guaranteed loan limits and a USDA Express program, which would provide a loan decision within three days of submission.   

It’s important that we show Washington D.C. that the community bankers are here, and we’re here for good!

See you in D.C.!