Thanks to the power of grass roots advocacy and the support of pro-community banking elected officials, Washington has approved a very much needed regulatory relief bill.

The landmark Economic Growth, Regulatory Relief and Consumer Protection Act provides regulatory relief to our nation’s community banks, so they can continue financing and supporting the dreams of Americans in local communities like ours. For far too long, local community banks like Iowa State Bank and Trust have been hand cuffed by ever-increasing federal regulations that have raised costs, reduced local credit availability, promoted the decline in new bank formation, sparked bank consolidation, and lowered consumer choice while not providing any meaningful abatement in overall risk in the financial system.

By unleashing the economic power of community banks, lawmakers are providing greater access to financial services closer to the people of our farms, businesses, families, and organizations, and with banking institutions that truly puts customers first. This can only help continue our nation’s economic recovery and the growth of our local areas.

There is still more to do to right size financial regulation and scale it to bank size and focus. Bank’s like Iowa State Bank and Trust continue to labor under onerous requirements while trying to compete with government subsidized credit unions and agencies. Our industry will always fight to keep local community banking viable!

– Dave Eastburn, Chairman of the Board