The American Bankers Association and Independent Community Bankers of America support eliminating or paring back key banking regulations passed over the last four years under the administration of former President Joe Biden. .The trade groups recently released their top priorities for the coming year. Both groups support repealing data requirements under Section 1071, which was finalized in March 2023 under Consumer Financial Protection Bureau Director Rohit Chopra. Trump has pledged to fire Chopra and appoint a new director to the bureau who could eliminate the requirement. .If implemented, Section 1071 would require collecting and submitting data on credit applications by women-owned, minority-owned and small businesses. Lenders would also need to furnish data on loans to small businesses with less than $5 million in the last fiscal year and submit Congressionally-required data points..The ABA and ICBA also support eliminating the Durbin Amendment, which would limit the interchange fees charged by large banks to merchants for debit card transactions. Both trade groups want Congress to evaluate whether credit unions are fulfilling their obligations as tax-free organizations to serve low-to-moderate income communities. They also want CUs to face Community Reinvestment Act standards. .The ICBA, which released its list of priorities for the next two years, supports structural changes at the CFPB, replacing its current single-director governance with a five-member commission. Under the ICBA plan, at least one member would have community banking experience. The ICBA also wants to raise the exemption level for CFPB examinations and enforcement to $50 billion from $10 billion."Banks of less than $50 billion in assets would continue to be examined for compliance with CFPB rules by their prudential regulators," according to the bureau. .The priorities of the trade groups were released as President Donald Trump begins his second term in office while his fellow Republicans navigate slight majorities in the House and Senate. The GOP holds a 218-215 majority in the House of Representatives and a 53-47 advantage in the Senate. .The ABA and ICBA are optimistic the regulatory environment will be more favorable for the industry. "ICBA and the nation's community bankers recognize the magnitude of the opportunity we face in 2025 to make needed changes to excessively burdensome banking regulations that will amplify the positive economic impact of community banks across America," said ICBA President and CEO Rebeca Romero Rainey. .ABA President and CEO Rob Nichols described 2025 as "a year of significant change that we hope will offer an opportunity to reset the conversation around banking regulation."
