ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release August 16, 2004 #04-40
E-mail: [email protected]

ACB APPLAUDS FDIC’S NEW CRA PROPOSAL

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The following is a statement from Robert R. Davis, EVP and Managing Director of Government Relations for America’s Community Bankers, on the FDIC’s proposed rule seeking additional comment on the Community Reinvestment Act:

America’s Community Bankers applauds the FDIC’s decision to solicit additional comments on the impact of changing the definition of a small bank for the purposes of CRA to include those with total assets of up to $1 billion. Under this definition, banks with less than $1 billion in assets would be examined using a steamlined process, allowing these institutions to fully meet their CRA requirements without the undue burden of requirements appropriate for much larger institutions. ACB strongly supports this proposal both in terms of increasing the small bank threshold and in creating a new community development criterion to measure small bank performance that would provide more choice to community banks on how they would meet their obligations.

ACB believes that the FDIC’s proposal is in direct response to the more than 900 comments they received on their earlier proposal and reflects the FDIC’s desire to strike a balanced approach toward reasonable and rational regulation. We hope this proposal will provide momentum to allow community banks across the nation to actively meet the needs of their customers and communities while doing so in a cost effective and competitive fashion. We are pleased that community bankers will have the opportunity to express their views on this important issue and we look forward to working with the FDIC on this proposal.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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