Community Banker Alert

Working to level the playing field between the mega, bank-like credit unions and community banks has been an ongoing top PACB priority. We have aggressively lobbied the Pennsylvania Congressional Delegation at every opportunity both in their Washington, D.C. offices and back home during our outreach meetings in their districts.

The message we have received loud and clear is that right now there is no appetite for taxing the credit unions and further the message has been why not take a positive approach and bring us legislation that can help community banks better serve their communities.

That is exactly what we have done. Along with ICBA, we have initiated introduction of the “Communities First Act”, H.R. 2061. This bill is designed to address the disparity between community banks and credit unions by giving deep regulatory relief to community banks including from the onerous requirements of Sarbanes-Oxley for community banks up to $1 billion in assets and, most significantly, would provide tax credits to community banks up to $5 billion in assets (most of PACB’s membership).

Our Legislative Committee and Board of Directors have officially adopted this proposal and members and staff have already been working with our delegation to seek cosponsors for this measure including our members from Pennsylvania that sit on the House Ways and Means Committee and House Financial Services Committee that will be considering H.R. 2061. Congresswoman Melissa Hart is the first Pennsylvanian to cosponsor H.R. 2061 and that is significant since she is on the Ways and Means Committee and formerly served on the Financial Services Committee.

Now is the time for community bankers to contact their Congressional representatives with a very positive approach. Cosponsor and support H.R. 2061 to give community banks and our customers deep relief and tax credits to make more resources available in our communities for economic development.

This is a positive message that we should be proud to proclaim. Community banks are about serving our communities and putting our communities first.

Please make your contacts as soon as possible so that we may get as many members from our delegation on this legislation and make sure PACB receives a copy of whatever contacts you generate. If you have any questions or need further information, please do not hesitate to contact Dave Transue of PACB’s staff. Thanks so much.