ICBA: Statement on Senate Passage of Stimulus

Cynthia L. Blankenship, chairman of the Independent Community Bankers of America (ICBA) and vice chairman and chief operating officer of Bank of the West in Grapevine, Texas, and Camden R. Fine, president and CEO of ICBA, issued this statement following the Senate’s passage of the economic recovery package.

“ICBA appreciates that several of its key recommended provisions were included in the economic recovery package that was passed by the Senate. These measures will undoubtedly help community banks continue to serve their customers in cities and towns throughout America.”

ICBA recommendations included in the bill would:

· Enhance the home-buyer tax credit by eliminating repayment requirements and extending the expiration date;

· Allow a five-year carryback of net operating losses, excluding Troubled Asset Relief Program (TARP) recipients;

· Extend the $250,000 immediate small business expensing;

· Increase the ceiling from $10 million to $30 million for bank-eligible municipal bond issues to allow community banks to better participate in state and local tax-advantaged bonds;

· Support lending to rural families and businesses by increasing Rural Housing Service home loan guarantees and USDA Business and Industry loan guarantees;

· Improve SBA loan guarantee programs to increase lending to small businesses by increasing the guarantee level to 95 percent and reducing fees.

About ICBA

The Independent Community Bankers of America, the nation’s voice for community banks, represents nearly 5,000 community banks of all sizes and charter types throughout the United States and is dedicated exclusively to representing the interests of the community banking industry and the communities and customers we serve. For more information, visit www.icba.org.