Next week 18 community bankers will from South Dakota will travel to Washington D.C. to lobby your elected officials and speak with regulatory staff. We are traveling to continue to share the facts.
FACT - Community banks have consistently been the largest provider of agricultural credit within the commercial banking sector and are often the catalysts for new and expanded business opportunities within their communities to ensure long-term economic viability and vitality.
FACT - community banks with assets under $10 billion provide more than 75 percent of all commercial bank agricultural loans.
FACT - banks with assets less than $1 billion provide nearly 60 percent of all commercial bank agricultural financing.
FACT - Community banks help customers build financial stability better than any other financial intuition.
FACT - Community banks are able to serve as financial first responders to their customers by helping them build strong foundations for financial literacy—providing them with knowledge, tools and a relationship banking experience that helps them navigate their finances in both the present and future.
FACT - Community banks are relationship lenders who only thrive when their customers and communities do the same
FACT – Community banks strive to educate our customers so they understand financial terms, products and how to manage their money effectively.
Taking care of your customers is ingrained in the way you conduct business. By helping your customers succeed, you help our community succeed. That’s the business you know and that’s the business community bankers want to be part of—making people’s lives better.
These are the facts we bring to Washington D.C. as we continue to fight for you against crushing regulatory burden.
We will be asking for our delegations help with the passage of The Senate CLEAR Relief Act (S. 812), which includes: automatic safe harbor “qualified mortgage” status and escrow relief for community bank mortgages held in portfolio
SOX 404(b) relief (internal control attestation), The House CLEAR Relief Act (H.R. 1233), includes: automatic safe harbor “qualified mortgage” status and escrow relief for mortgages held in portfolio a two-year exam cycle and short form call reports an increase in the “small servicer” exemption threshold from 5,000 to 20,000 loans exemption from the independent appraisal requirement for smaller mortgages.
The Community Bank Access to Capital Act (H.R. 1523), Which includes: exemption for community banks from the Basel III capital rule and SOX 404(b) relief reform of SEC Regulation D to facilitate private securities offerings.
We will be asking for stronger data security incentives for retailers: The breached party should be responsible for all costs associated with the breach. This will strengthen incentives for data protection.
Further will are asking for GLBA-like standards for all: All participants in the payments system – including retailers – should be subject to rigorous data security standards similar to those of the Gramm Leach Bliley Act (GLBA), which already apply to financial institutions.
And finally we need the passage of a National breach notification standards: A national data security breach and notification standard should replace the current patchwork of state laws.
Meaningful consumer protection can only be accomplished by holding all parties to the same data security AND data breach notification requirements.
Want to follow our activities in Washington D.C.? Follow us on Twitter @ICBSouthDakota or @gmccurry
McCurry, a native of MN and resident of Mitchell, SD, holds a Bachelor of Arts degree in Communications / Marketing from the Minnesota State University, Mankato. Prior to joining the ICBSD as President and CEO, he directed the marketing, sales and government relations efforts at Santel