Dear Community Banker:
Thanks to your persistent grassroots outreach, ICBA and our industry just scored a significant advocacy success: overturning the Consumer Financial Protection Bureau’s final rule on overdraft services.
Following recent congressional passage, President Donald Trump just signed the ICBA-advocated resolution to overturn the CFPB rule and preclude the agency from issuing a substantially similar rule in the future, avoiding negative unintended consequences on consumers and local communities.
This success once again showcases the power of community banks to achieve results in the nation’s capital. With the CFPB issuing the rule at the tail end of the previous administration, ICBA included it as a key priority of our “Repair, Reform, and Thrive” plan for the new Congress and Trump administration—and policymakers have already responded.
This latest advocacy win joins a litany of successes already this year, with 1071 and de novo banking legislation recently advancing in Congress, federal regulators announcing plans to rescind their Community Reinvestment Act rule, and President Trump nominating Michelle Bowman for Fed vice chair for supervision.
But Washington needs to continue to hear directly from community bankers. To consolidate our gains, I strongly encourage you to attend next week’s ICBA Capital Summit in Washington, D.C. The ICBA Capital Summit will feature in-person meetings with congressional offices to ensure the community bank voice is heard on Capitol Hill.
Thank you for all you are doing to make a positive difference in Washington. By continuing our efforts, I know we can expand on these policy successes to benefit the local communities we serve.
