Pub. 4 2022 Issue 9

Annual Review: Community Banks Positioned for Success After Strong 2022

This story appears in the
Hometown Banker Pub 4 2022 Issue 9

During the early months of 2022, the PACB Board of Directors met and set an ambitious goal for the association. Over the next three years, the board determined that PACB must become a key influencer on legislative and regulatory matters in D.C. and Harrisburg to benefit our members.

I am proud to report that over the last two years, PACB was able to successfully educate a number of lawmakers from both sides of the aisle to pursue policies that benefit community banks and their customers.

Consequently, our advocacy efforts were able to secure the passage and enactment of six laws by the Commonwealth of Pennsylvania, most notably protecting the bank fund and enacting a state-level Safe Cannabis Banking Act.

Our efforts at the state level were bolstered and made possible by the support and commitment of our member banks. We are incredibly grateful as so many of our members committed their time and money by giving to FirstPAC to develop and cultivate the relationships that allowed us to make progress on a range of issues.

As we enter a new legislative session in Harrisburg, voters have elected a new governor and administration along with more than 40 first-time lawmakers! Despite this change, we remained positioned to be successful in our efforts to influence state policy to benefit community bankers.

In fact, through your support of FirstPAC were able financially to contribute in favor of 82 elected officials and candidates, with more than 95% of those who were up for election winning their races. This includes more than a dozen individuals serving as new lawmakers over the next two years. 

This being said, our success has not been limited to our state efforts. Despite partisan gridlock that gripped Congress these past two years, the association has secured key victories. Most notable of these were our efforts to defeat the President’s IRS bank reporting requirements and the nomination of Saule Omarova for Comptroller of the Currency.

Additionally, with the support of our members, we have met with every member of the Pennsylvania Congressional Delegation on several occasions, educating them on issues key to our members. These efforts have paid off as Congress is now looking at the possibility of passing not only the federal SAFE Banking Act but also our legislation to close the ILC Loophole.

As we move into 2023, our members can be assured that PACB is positioned for success and are on track to becoming the key influencer in state and federal politics on behalf of our members.