Photographs by Chris Williams
From credit score union overreach to onerous overregulation, the 2022/23 ICBA board of administrators has lots on its to-do listing. Govt committee members inform us what advocacy points they’ll be centered on throughout their phrases, whereas board members share their phrases of knowledge for up-and-coming group bankers: themselves. To sum it up, these leaders are all in and all coronary heart for group banking.
By Molly Bennett
When the 2022/23 ICBA board of administrators was launched at ICBA LIVE in San Antonio, Texas, there was a palpable sense of pleasure within the air. Right here stood a bunch of skilled and passionate group bankers who’ve devoted themselves to advocating for the business they care so deeply about.
“I’m so impressed by the professionalism, integrity and dedication of our govt committee and board of administrators as we work collectively to serve the wants of group bankers throughout the nation,” says Terry Jorde, ICBA senior govt vice chairman and chief of workers.
ICBA president and CEO Rebeca Romero Rainey echoes this sentiment. “I’m trying ahead to working with our govt committee and board of administrators over the subsequent yr,” she says, “as we serve ICBA’s mission to create and promote an surroundings the place group banks flourish.”
Let’s hear from the manager committee members themselves about how—and why—they’re all in for group banking.
ICBA govt committee (from left)
Vice chairman Lucas White, President, The Fountain Belief Co., Covington, Ind.
Treasurer Sarah Getzlaff, CEO, Safety First Financial institution of North Dakota, New Salem, N.D.
Secretary Tim Aiken, President and CEO, Union Financial institution Inc., Middlebourne, W.Va.
Chairman-elect Derek Williams, President and CEO, Century Financial institution & Belief, Milledgeville, Ga.
Previous chairman Preston Kennedy, President and CEO, Zachary Bancshares, Inc., Zachary, La.
Chairman Brad M. Bolton, President/CEO/senior lender, Neighborhood Spirit Financial institution, Crimson Bay, Ala.
Consolidated holdings chair Jack Hartings, Chairman, The Peoples Financial institution Co., Coldwater, Ohio
ICBA president and CEO Rebeca Romero Rainey, Washington, D.C.
Rapid previous chairman Robert Fisher, President and CEO, Tioga State Financial institution, NA, Spencer, N.Y.
Previous chairman Noah Wilcox, President, CEO and chairman, Grand Rapids State Financial institution and Wilcox Bancshares Inc., Grand Rapids, Minn.; and CEO and chairman, Minnesota Lakes Financial institution, Delano, Minn.
Q: What do you assume the largest advocacy challenges will likely be throughout your time period?
Brad M. Bolton: Inspecting the implementation of Part 1071 will likely be important. We’ll even be paying shut consideration to and reiterating our advocacy positions on local weather danger assessments, overdraft safety and any additional regulatory burdens. The secret is to exhibit how further regulatory burdens on the group banking business will negatively have an effect on the shoppers and communities we serve. This is the reason sharing our buyer tales is so necessary.
Derek Williams: My greatest concern is the Client Monetary Safety Bureau’s (CFPB) Small Enterprise Knowledge Assortment rule and its potential unfavorable affect on our skill to fulfill professional small enterprise borrowing wants, together with further prices and privateness points. We should additionally hold our concentrate on defending the 2017 tax cuts and, as at all times, monitoring and confronting credit score union overreach.
Lucas White: We have to proceed to distinguish group banks and educate policymakers on why tiered and proportionate regulation is critical. We aren’t Wall Avenue banks—we’re group banks. Everybody noticed throughout the monetary disaster, and all through the pandemic, how completely different group banks are from the too-big-to-fail banks. We want to ensure folks keep in mind that and have it mirrored in legal guidelines and rules that have an effect on our business.
Sarah Getzlaff: I imagine our greatest problem continues to be distinguishing group banks from Wall Avenue banks. In 2022, this distinction will likely be particularly necessary with Part 1071 and overdraft reform looming. We have to push the CFPB to acknowledge that one-size-fits-all regulation doesn’t make sense for our business and the communities we serve.
“It’s an honor to work with them as we concentrate on advocacy, schooling and innovation for the group banking business. Their insights are important to the trail we chart for this nice business.”
—Terry Jorde, Senior govt vice chairman and chief of workers, ICBA
Tim Aiken: In no explicit order: the continued exploitation of the tax exemption for/by credit score unions, the priority that policymakers will use their regulatory oversight powers to choke off credit score for fossil fuel-related enterprise, reduction from small enterprise mortgage knowledge assortment, and staving off any further IRS reporting on buyer actions.
Robert Fisher: Among the key advocacy challenges embody nonsufficient funds/overdraft charges and limits, potential climate-focused disclosures, lack of steering/readability because it pertains to hashish banking, IRS knowledge assortment (which we have to proceed to look at and struggle), public financial institution initiatives, credit score union subordinated debt and tax subsidy, and Small Enterprise Administration (SBA) direct lending. We’re additionally challenged with ever-increasing cybersecurity threats and CFPB overreach that must be assessed and addressed.
Noah Wilcox: We have to proceed to be on the offensive with our advocacy wins whereas taking part in protection on this present regulatory surroundings. We should proceed to struggle elevated regulation, specialty constitution issues and the potential for extra fintech entry to conventional rails with out the identical oversight. Part 1071 knowledge assortment necessities and the IRS proposed knowledge assortment guidelines may also proceed to be a spotlight.
Preston Kennedy: We should proceed to push again on overreach by credit score unions, the Farm Credit score System and local weather evaluation proposals. Neighborhood bankers have at all times had an curiosity in assessing their dangers, as a result of it’s an inherent a part of our enterprise mannequin. We should protect and defend the power to just do that.
Jack Hartings: I see the largest advocacy challenges as educating the brand new company heads, their workers and the present administration to the group banking enterprise mannequin and the worth it brings to the material of our nation. It’s too simple to create one-size-fits-all guidelines that instantly battle with group banks serving their clients of their communities. This is the reason we should all advocate and share our buyer tales with policymakers, in order that they perceive that our enterprise mannequin is exclusive. Latest proposals for gathering knowledge on shoppers and small companies lavatory down the method and drive up pointless price for all clients.
ICBA at-large administrators (from left)
At-large director Mark Hesser, President, Pinnacle Bancorp Inc., Omaha, Neb.
At-large director Brenda Foster, Chairman, president and CEO, First Western Financial institution & Belief, Minot, N.D.
At-large director Doug Ouellette, Chief group banking officer, Mercantile Financial institution of Michigan, Grand Rapids, Mich.
At-large director Jill Sung (not pictured), President and CEO, Abacus Federal Financial savings Financial institution, New York Metropolis
Q: Are there another alternatives you’d like to focus on?
Bolton: Passing the Enhancing Credit score Alternatives in Rural America Act (H.R. 1977/S. 2202) (ECORA) and SAFE Banking Act could be an enormous win for our communities. Additionally, waking up policymakers to the unfavorable impact of the credit score union business and displaying that it must be topic to taxation and CRA necessities will proceed to be on the forefront of our advocacy points. As well as, closing the ILC (Industrial Mortgage Company) loophole to maintain one other uneven taking part in area from being created is important.
Williams: Because the too-big-to-fail banks proceed to consolidate and drive away clients, group banks have a fantastic alternative to additional solidify our stellar repute with policymakers for the best way we constantly and successfully meet client and small enterprise banking wants. This opens the door for some enormous advocacy alternatives within the coming years, however we should proceed to inform our buyer tales and showcase the group banking distinction.
White: We have now an actual alternative to attract consideration to credit score unions and the way far they’ve strayed from their unique mission. No one can argue with a straight face that credit score unions must be shopping for banks.
Getzlaff: I believe our greatest alternative lies in our skill to inform our story and the tales of our clients. I sit up for getting again in entrance of our regulators, senators and representatives for face-to-face visits to rebuild private connections and achieve their assist throughout this yr’s ICBA Capital Summit.
Aiken: Advocacy-wise, I really feel as if we’re largely taking part in protection at current. Nevertheless, generally taking part in protection results in alternatives, and we must be ready. For example, ICBA is asking for congressional hearings on the credit score union tax exemption. In some unspecified time in the future, that’s going to occur, and when it does, we could have the chance to go on offense.
Fisher: I imagine the pandemic has without end altered the best way folks need to financial institution, so all of us must up our recreation in the case of cellular and digital choices. This creates many alternatives for group banks as we proceed to foster relationships which are high-tech and high-touch. I imagine that partnerships with group bank-focused fintechs is important to our success, which is why the ICBA ThinkTECH Accelerator is so important.
Wilcox: Our sturdy repute gives a chance for group bankers to form the panorama for the advantage of our business and the communities we serve, whether or not that’s working with the administration on applicable and certified nominees for key positions, working to restrict further onerous reporting or supporting the SAFE Banking Act. As well as, the ICBA ThinkTECH Accelerator is among the greatest fintech accelerators you will see that. It gives options tailor-made for group banks and is an actual asset to our business.
ICBA standing committee chairs (from left)
Coverage Growth chair Quentin Leighty, President and CFO, First Nationwide Financial institution of Monument, Las Animas, Colo.
Financial institution Operations and Funds chair Alice P. Frazier, President and CEO, Financial institution of Charles City, Charles City, W.Va.
Financial institution Providers chair Mike Burke, President, ChoiceOne Financial institution, Sparta, Mich.
Financial institution Schooling chair Kathy Underwood, President and CEO, Ledyard Nationwide Financial institution, Hanover, N.H.
ICBPAC chairman Shon Myers, Chairman, President and CEO, Farmers & Retailers Financial institution, Miamisburg, Ohio
Kennedy: The modernization of the Neighborhood Reinvestment Act and the passage of commonsense hashish banking regulation will likely be important to our business this yr. We should work collectively and make our particular person and highly effective voices heard by means of ICBA’s grassroots advocacy.
Hartings: ICBA’s ThinkTECH Accelerator brings fintechs and group banks collectively to reinforce financial institution operations and the client expertise. Its uniqueness is that it gives group banks with alternative. There are a number of fintech options designed particularly for our business, but it acknowledges that not each answer will likely be of equal worth to each impartial group financial institution.
Q: What are your private objectives in your time period?
Bolton: I hope to energise a renewed ardour for our nice group banking business. I hope to encourage senior leaders to coach up the subsequent technology of leaders that may lead our business and affiliation within the years to come back. We should discover methods for group banks to stay impartial and grow to be group continuators.
Williams: I plan to work arduous to successfully signify the hundreds of group bankers throughout our nation and to encourage and encourage them to companion with ICBA to assist defend our business and our skill to serve our clients and our communities. I additionally need to be a constructive assist for our proficient and hardworking ICBA workers.
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White: I need to have enjoyable, meet as many group bankers as I can and exhibit why ICBA is the one nationwide affiliation that is smart for group bankers. I’ve a ardour for group banking, and I like what I do for a dwelling. I need to share that with others.
Getzlaff: I at all times say if I’ve a chance to take part and I cross it up, I cross up my proper to complain. I plan to make use of my time period as a chance to advocate for a degree taking part in area the place group banks can compete pretty and aren’t regulated into consolidation, and the place my children have a chance to be the fourth-generation leaders of our financial institution.
Aiken: I need to study extra about fintech alternatives, signify ICBA at some state affiliation conferences, advocate for group banking at state and federal ranges, and supply worthwhile steering and assist to ICBA.
Fisher: My time period as chairman has come to a detailed, however I’m right here to assist Brad and his efforts throughout his yr as chairman. I may also emphasize the significance of economic literacy and our want to interact and join by means of all communications channels, however particularly on social media.
Wilcox: I sit up for persevering with my work to assist our govt committee, our advocacy targets, and maybe most significantly, my ardour undertaking of serving to extra bankers have interaction in advocacy. Once I say have interaction, I imply serving to them perceive the significance of their private involvement and in the end getting them to the purpose the place they’ll develop private relationships with the members of their state.
Kennedy: With the beginning of extra in-person conferences, I sit up for face-to-face conferences with group bankers I’ve met solely by means of social media or on digital calls.
Hartings: I’m trying ahead to extra group banker engagement! This consists of engagement in advocacy but additionally within the host of options ICBA affords. With tight web curiosity margins and rising prices in 2022, group banks might want to make the most of ICBA choices like Neighborhood Banker College, Most well-liked Service Suppliers, the ThinkTECH Accelerator and ICBA subsidiaries’ options similar to Bancard, TCM, Securities and Reinsurance to proceed to thrive.
The advantage of hindsight
If board members may give their 22-year-old selves recommendation, right here’s what they’d say:
Discover a profession that gives an mental problem, lets you actually and genuinely assist folks, and one which makes you pleased with what you do, realizing that you simply earn folks’s belief and respect. That’s what I discovered in group banking.
—Tim Zimmerman, ICBA previous chairman and senior vice chairman and COO of ordinary Financial institution, FSB, Monroeville, Pa.
Watch and hearken to profitable group bankers and absorb all of their recommendation and knowledge. There may be a lot to achieve, and the basics of excellent banking by no means change. Expertise modifications our processes, however the best way we construct relationships in our communities by no means modifications.
—Scott Heitkamp, ICBA previous chairman and president and CEO of Valuebank Texas, Corpus Christi, Texas
Decelerate and have higher work-life stability. I missed a number of my children’ occasions as a result of I had “an excessive amount of occurring at work.” Work life/dwelling life stability is so necessary.
—Doug Ouellette, ICBA at-large director
Be taught a lot, give again, and there’s no “I” in crew.
—Brenda Foster, ICBA at-large director
Work arduous and put in additional effort than these round you.
—Mark Hesser, ICBA at-large director
Gather a mentor from each job you’ve.
—Jill Sung, ICBA at-large director
Molly Bennett is govt editor of Impartial Banker.
