Legislative Forecast

By Verdier, Steve; Ence, Ron et al. | Independent Banker, February 2006 | Go to article overview

Legislative Forecast


Verdier, Steve, Ence, Ron, Merski, Paul, Scanlan, Mark, Kanoy, Erin, Independent Banker


A roundup of banking topics for the 109th Congress

Even as Congress moved toward a final resolution of ICBA's deposit insurance reform priority, a broad range of other legislative issues remain to be resolved in 2006. ICBA's challenge is to work with both parties in a closely divided Congress to achieve the best outcome for community banks and their customers. Fortunately, many of our issues do not divide members of Congress philosophically or by party. Even in potentially divisive areas, ICBA has successfully steered between the ideological extremes.

The following articles outline the history and outlook for these issues.

* Regulatory Relief: The House Financial Services Committee has included five provisions from the ICBA-inspired Communities First Act (CFA) in its broader regulatory burden relief bill. We will work with the Senate Banking Committee to add those and other provisions to its bill.

* Wal-Mart: ICBA is working with its congressional allies to oppose Wal-Mart Stores Inc.'s application for a Utah industrial loan company (ILC) charter. We also continue to support-as a first step-the Gillmor/Frank amendment that would prevent new ILCs owned by commercial firms from gaining new banking powers.

* Credit Unions: ICBA and the other bank trade associations are united in shining a spotlight on credit union tax exemption and opposing credit unions' attempt to expand their business lending powers and reduce their capital requirements.

* Taxes: Expiring tax cuts, elimination of the est ate t ax and the t ax relief measures in the Communities First Act top our 2006 tax agenda.

* Government-Sponsored Enterprise (GSE) Reform: ICBA will continue to vigorously defend the Federal Home Loan Bank (FHLBank) System in the context of bills to reform the regulation of the housing GSEs.

* Data Security: ICBA is working with the financial services industry to provide workable protections for community bank customers' personal information.

* Hurricane Relief: Hard-hit communities are looking for a hand up from the federal government. We will work for solutions that help community banks play their historic role in community redevelopment.

* Agriculture: Two key issue areas will dominate our attention-the next farm bill and Farm Credit System (FCS) encroachment.

CFA Initiative Gains Steam

The regulatory burden on community banks is a threat to the future of our industry. Dallas Federal Reserve economists wrote that the regulatory burden on community banks threatens their independence. Recent statutory and regulatory changes have greatly increased this burden.

At the same time, many community bankers are struggling to compete with tax-subsidized credit unions, which offer them a 50 basis point cost of funds advantage over community banks, according to an independent study by the Tax Foundation.

That is why ICBA, working closely with the Independent Bankers Association of Texas and other state community bank associations, developed the Communities First Act, a legislative initiative that addresses both the mounting regulatory burden and the growing competitive inequity with tax-subsidized credit unions (visit www.icba.org, for a complete list of its features). CFA, introduced in the House by Rep. Jim Ryun (R-Kan.), attracted more than 80 co-sponsors in its first six months. A companion bill was introduced in the Senate by Sens. Sam Brownback (R-Kan.), Pat Roberts (R-Kan.) and James Inhofe (R-Okla.). Sen. Chuck Hagel (R-Neb.) has added his name to the bill.

CFA serves as a marker for community bank relief and provides community bankers and our congressional allies a legislative rallying point for a variety of regulatory and tax relief proposals. This strategy is already working.

The Financial Services Regulatory Relief Act (H.R. 3505), which passed the House Financial Services Committee, includes five provisions taken directly from the CFA. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Legislative Forecast
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.