Meeting focuses on regulatory relief to ‘Make Community Banking Great Again’
Ayden R. Lee, Jr., Chairman of Four Oaks Bank & Trust Company in Four Oaks joined more than 100 community bankers and the Independent Community Bankers of America® (ICBA) last week for a meeting with President Donald Trump and other top administration officials at the White House as part of the 2017 ICBA Capital Summit.
In the meeting with President Trump, Vice President Mike Pence, NEC Director Gary Cohn and Small Business Administration chief Linda McMahon, Trump said the administration is focused on addressing regulatory burdens to help community banks lend to small businesses.
“Four Oaks Bank was honored to be invited to attend today’s historic meeting, where the president reiterated his support for community banking,” said Ayden Lee. Four Oaks Bank is proud to be in Washington this week to advocate on behalf of our industry so we can continue to serve our community and be a powerful job creator and economic engine in Johnston, Wake, Harnett and Duplin counties which we are privileged to serve.”
More than 1,000 community bankers were in Washington this week for ICBA’s Capital Summit to discuss critical issues facing community banks and their communities, such as excessive regulatory burdens that affect their ability to serve their customers, make loans and create jobs. The industry’s solution to the regulatory burden problem— ICBA’s Plan for Prosperity — is a pro-growth platform to eliminate onerous and unnecessary regulatory burdens that inhibit lending and innovation.
The summit features meetings this week with policymakers, remarks from speakers such as Secretary Mnuchin and House Financial Services Committee Chairman Jeb Hensarling (R-Texas), and the first-ever ICBA Future of Banking Symposium, which offers insights into the future of the rapidly changing community banking industry.
“The nation’s community banks are dedicated to fostering local economic and job growth by serving the consumers and small businesses in their communities,” said ICBA Chairman Scott Heitkamp, president and CEO of ValueBank Texas in Corpus Christi, Texas. “Unfortunately, one-size-fits-all regulations are preventing community banks from lending and promoting prosperity at the local level. ICBA looks forward to continuing to work with President Trump, his administration and Congress to advance common-sense reforms that will help unleash the economic power of community banks.”