Activist Supports White House Call For Community Bank Exemption From Replenishing Deposit Insurance Fund

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Washington, D.C. (March 30, 2023) – Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s White House announcement on community banks and the Deposit Insurance Fund.

Calls For Community Bank Exemption From Replenishing Deposit Insurance Fund

“ICBA strongly supports today’s White House announcement calling on the Federal Deposit Insurance Corp. to ensure community banks are not required to bear the costs of replenishing the Deposit Insurance Fund after recent failures at larger, riskier financial institutions.

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“The White House policy is in line with this week’s House and Senate testimony from FDIC Chairman Martin Gruenberg that his agency is considering tailoring its pending special assessment and is authorized to consider the types of entities that benefit from any action taken or assistance provided.

“As ICBA has said since the immediate aftermath of the Silicon Valley Bank failure, Washington’s response to recent closures at Silicon Valley Bank and Signature Bank of New York should not affect the community banks that continue to appropriately manage risk and do right by their customers.

“ICBA thanks the White House for its support and looks forward to working with the FDIC to ensure it uses its authority to exempt community banks when it issues its special assessment proposal in May to ensure Main Street community banks do not bear any financial responsibility for losses caused by larger and riskier entities.”

About ICBA

The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.