ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release October 3, 2001 0
E-mail: [email protected]

COMMUNITY BANKERS PLEDGE SUPPORT IN FIGHT AGAINST TERRORISM

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WASHINGTON, D.C. — Community bankers pledged to Congress today to help in the fight against terrorism.

America’s Community Bankers and Independent Community Bankers of America said in a joint statement to the House Financial Services Committee that their members “vigorously support any effective measures that will help dry up the funds that terrorists depend on.” The committee held a hearing to examine the financial infrastructure of global terrorism.

ICBA and ACB said that while community banks focus on serving domestic consumers and businesses in their local areas, virtually any bank will conduct an occasional international transaction on behalf of a local customer.

“No matter what the level of international business, each community banker will have to be prepared to comply with whatever new rules Congress enacts,” ICBA and ACB said. “That will involve implementing new procedures, retraining of tellers and other personnel and buying new software.

“ACB and ICBA members are fully prepared to make those investments in our nation’s security.”

The groups said that Congress and the administration could help by making the new rules “clear, understandable and workable, not just for the most sophisticated international bank, but for community banks in towns and neighborhoods across the country.” ICBA and ACB said most of the provisions of the anti-money laundering bills under consideration appear to pass the test.

ACB and ICBA pledged to work with member institutions to educate and encourage them to reduce the filing of Currency Transaction Reports, as requested by the Treasury Department, by using the exemptions that are allowed. ICBA and ACB said they would also work with the Treasury Department to review and refine the exemption system “to make it as workable as possible and eliminate unnecessary reporting.”

ACB and ICBA urged Congress and the regulatory agencies to recognize that banks also have substantial responsibilities under current laws, including those that prohibit discrimination and protect privacy. “ICBA and ACB believe that the new provisions should be harmonized with these requirements and will diligently work to achieve that goal,” the groups said.

TESTIMONY

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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