Around the Industry – March 2018

Feeding the hungry—Based in Sioux Falls, S.D., and with locations in nine states, Great Western Bank employees have helped bring hundreds of thousands of meals to the homeless and hungry in central Iowa since 2010 via the Meals from the Market program. Each Saturday from May to October, bank employees visit farmers market vendors to request food donations. In 2016 alone, employees donated 429 hours of volunteer service, and the $11.8 billion-asset bank donated 44,813 meals—a total value of $156,841.83. As another part of its mission to “Make Life Great,” the bank offers an Employee Giving Program, donating $11 for every hour an employee volunteers with a qualified charity, up to 20 hours or $220 per employee per year.

House committee advances six regulatory relief bills

In mid-January, the House Financial Services Committee passed six community bank regulatory relief bills inspired by ICBA’s Plan for Prosperity platform:
The Community Financial Institution Exemption Act (H.R. 1264), introduced by Rep. Roger Williams (R-Texas), would exempt community banks with less than $50 billion in assets from prospective Consumer Financial Protection Bureau (CFPB) rules.

The Federal Savings Association Charter Flexibility Act of 2017 (H.R. 1426), introduced by Rep. Keith Rothfus (R-Pa.), would create a new national charter option for federal savings associations.

The Portfolio Lending and Mortgage Access Act (H.R. 2226),
introduced by Rep. Andy Barr (R-Ky.), would provide a Qualified Mortgage safe harbor for all loans held in portfolio.

The Comprehensive Regulatory Review Act (H.R. 4607), introduced by Reps. Barry Loudermilk (R-Ga.) and Josh Gottheimer (D-N.J.), would ensure EGRPRA reviews include the CFPB and occur every seven years rather than every 10.

The Community Bank Reporting Relief Act (H.R. 4725),
introduced by Rep. Randy Hultgren (R-Ill.), would provide for short-form call reports in the first and third quarters for banks with assets of less than $5 billion.

The Small Bank Holding Company Relief Act (H.R. 4771),
introduced by Rep. Mia Love (R-Utah), would raise the Fed’s Small Banking Holding Company Policy Statement asset threshold from $1 billion to $3 billion.

Member poll

Tax reform bonuses
With some large companies announcing employee bonuses following the new tax law, has your community bank considered such a bonus for your employees?

Next stop: Washington, D.C.!

Meet with legislators and regulators at this year’s ICBA Capital Summit, held April 8–11 at the Grand Hyatt in Washington, D.C. See the schedule and reserve your spot today at

First two ICBA Capital Summit speakers confirmed

Sen. Patrick Toomey (R-Pa., pictured) and Joseph Otting, the OCC’s comptroller of the currency, will speak at the 2018 ICBA Capital Summit. Sen. Toomey is chairman of the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protection. Otting was sworn in as the 31st comptroller of the currency on Nov. 27, 2017.

Industry news

Fed limits Wells Fargo’s growth
The Federal Reserve Board said it will restrict Wells Fargo’s growth until it sufficiently improves its controls following widespread consumer abuses. Until Wells makes sufficient improvements, it will be restricted from growing any larger than its total asset size as of the end of 2017. “We cannot tolerate pervasive and persistent misconduct at any bank,” Janet L. Yellen said in her final act as Fed chair. The bank must also improve its governance and risk management processes. It will replace three current board members by April and a fourth board member by the end of the year.

Free marketing and communications toolkit

Would you like to learn how to share your community bank’s story more effectively? Members can download ICBA’s new Community Bank Marketing & Communications Toolkit for free. The toolkit features:

  • best practices and interview tips
  • customizable social media posts
  • a “switch kit” to make it easy for new customers to switch to your community bank
  • a content editorial calendar with important industry dates to support marketing plans.

Download the toolkit at