How ICBPAC plays an important role in community banking’s federal advocacy efforts
By Michael Blankenheim
The 114th Congress has more pro-community bank members because, in part, of the contributions of ICBPAC, ICBA’s federal political action committee, during the 2014 election cycle. With support from more than 3,000 community banking contributors, ICBPAC was able to contribute $1.7 million to 290 congressional candidates and committees. And of those candidates, more than 90 percent won their elections.
Courtney Schoenborn, who oversees ICBPAC’s operations, says it is important to support candidates who understand the issues important to community bankers and their employees.
“There were a number of really competitive races in last November’s election, and we were on the winning side the vast majority of the time,” says Schoenborn, ICBA vice president, political programs. “So we did well, which is important to community bankers.”
ICBPAC’s accomplishment of helping to elect more pro-community bank members to Congress means that the community banking agenda will be better positioned to move forward in the 114th Congress.
“Contributions to candidates give us the opportunity to tell the story of community banking and our issues,” Schoenborn says. “It gives us a chance to develop relationships with these important stakeholders. It doesn’t mean that they will take a particular action, but it does provide our members visibility.
“As one of my bankers says about Washington, ‘If you’re not part of the political process, your views won’t be heard.’ ”
To decide which candidates to support, Schoenborn says, ICBPAC staff members consult with local community bankers and state community banking associations. The number of community banks in a particular district and the political dynamics of each race are also considered.
Also important is the role that a member plays in Congress and his or her positions on issues that are vital to the community banking industry, says Schoenborn. As an example, members of the House Financial Services Committee and the Senate Banking Committee get particular scrutiny from ICBA on whether they will receive a contribution from ICBPAC.
One such member is Rep. Blaine Luetkemeyer, who was supported with a maximum total contribution of $10,000 from ICBPAC for the recent elections. The Missouri Republican, a member of the House Financial Services Committee, is considered a vital legislative advocate of the community banking industry. Luetkemeyer has shown continued support of ICBA’s Plan for Prosperity, a platform of various legislative provisions aimed at lightening the severe regulatory load community banks bear.
ICBPAC also contributed $15,000 each to the Democratic and Republican national committees. “The national leadership of the parties can really help or hinder once we get legislation introduced by one of our champions,” Schoenborn says. Also important to consider is that credit unions have their own large federal PAC. While ICBPAC contributed $1.7 million to candidates and committees, the Credit Union National Association PAC contributed more than $3 million in the last election cycle, according to Federal Election Commission records.
“ICBPAC helps ensure that ICBA is well represented and that community banks are heard and heard loudly in Washington,” Schoenborn says.
Michael Blankenheim is a freelance writer in Maryland.