CBAI Regional Vice Chairman Doug Parrott, President and CEO of State Bank of Toulon, hosted a meeting with Congressman Darin LaHood (R-18) and Congressional District Director Brad Stotler to discuss community bank issues and opportunities. Joining in the meeting were Andrew Black (President and CEO of Princeville State Bank), Keith Douglas (President and CEO of Tompkins State Bank, Steve Leuthold (President and CEO of State Bank of Speer), and David Schroeder (CBAI Vice President Federal Governmental Relations). The roundtable discussion covered a variety of topics of interest to both the community bankers and Congressman LaHood.
Doug Parrott started the meeting by thanking Congressman LaHood for cosponsoring the CLEAR Act (H.R. 1233) which includes many community bank regulatory relief measures contained in the Independent Community Bankers of America (ICBA) Plan for Prosperity, and also for signing a bi-partisan United States House of Representatives’ letter to the Consumer Financial Protection Bureau asking them to exempt community banks from their rules.
The Congressman asked what keeps community bankers up at night. The bankers highlighted a diverse list of challenges they face in meeting new regulatory requirements while trying to maintain their focus on serving their communities. The issues included: overregulation, the “trickle down” of many regulations meant for the largest banks being applied to community banks and its unfortunate impact on industry consolidation, the new Department of Labor overtime rules and the impact on small banks and small business, the new Qualified Mortgage (QM) requirements discouraging residential mortgage lending, harmful Farm Credit and credit union expansion, the importance of maintaining the crop insurance programs, rural economic development, and the various issues the State of Illinois and its citizens face with the budget stalemate and growing indebtedness.
Congressman LaHood appreciated the opportunity to meet with local community bank leadership and the bankers expressed their sincere appreciation for the Congressman taking the time to visit with them about their issues and opportunities.
August 31, 2016