FROM THE TOP By Tim Zimmerman


“We’re already experiencing the tangible benefits.”


ABOUT THE AUTHOR Tim Zimmerman, chariman of ICBA, CEO of Standard Bank, Monroevillle, Pa Connect with Tim @TimZimPgh


community bankers in 2018. While our days were some mes a grind, together we achieved numerous historic advocacy gains that have had tangible bene ts for community bankers.


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We started 2018 digesting and implementing generational tax reform, which passed at the end of 2017 and features signi cant reductions in tax rates. Meanwhile, we kept our focus on pushing forward for regulatory relief. Thanks to the cumulative impact of grassroots calls and emails, op-eds, petitions and meetings, the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155) was passed and signed into law with strong biparti- san support! This landmark law unravels many of the suffocating regulatory burdens community banks face. For community


6 NOVEMBER-DECEMBER 2018 WWW.CBAK.COM


bankers, it is already paying dividends and providing real regulatory relief.


Let’s start with mortgage lending. The expanded “quali ed mortgage” safe harbor for portfolio loans will bene t the vast majority of com- munity banks. The agencies have begun to act on the exemption from expanded Home Mortgage Disclosure Act reporting, shielding many local banks from this exces- sive regulatory burden. Meanwhile, they’re working to implement relief from mandatory escrow require- ments. For those community bank- ers who have considered leaving the mortgage lending market due to


hey say the days are long and the years are short. This is o en used in the context of raising children, but it’s just as relevant for


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