The American Bankers Association today expressed support for legislation designed to facilitate community banks’ supporting their customers and ensuring daily operations during the coronavirus pandemic. Introduced by Sens. Kevin Cramer (R-N.D.), Tom Cotton (R-Ark.), Thom Tillis (R-N.C.) and Jerry Moran (R-Kan.), the Community Bank Regulatory Relief Act would lower the community bank leverage ratio to 8% from the current level of 9% and delay the implementation of the current expected credit loss standard until December 2024 for community banks.
“We welcome Sen. Cramer’s proposal, which will allow community banks to stay focused on assisting their customers and communities at this difficult moment for the nation,” said ABA President and CEO Rob Nichols. “We urge the Congress to give Sen. Cramer’s measure strong consideration as part of any broader effort to support the U.S. economy.”