CCB supports ICBA position on ‘too big to fail’ institutions

LITTLE VALLEY – Camden R. Fine, president and CEO of the Indepen-dent Community Bankers of America, recently said that it’s high time to restore sanity and accountability in our financial system and that too-big-to-fail firms should be downsized and split up. Fine’s comments are a direct reaction to an episode of “Frontline”, which shines a light on possible reasons why the executives running the nation’s largest financial firms who sank our economy and received billions in taxpayer assistance have not been held accountable.

Fine said that the most alarming parts of the piece include revelations that the Justice Department has been hesitant to advance criminal charges because prosecutors are concerned about the impact of lawsuits on large financial institutions. Assistant attorney general of the Justice Department’s criminal division acknowledges that he lost sleep at night worrying about the economic fallout that a lawsuit at a large financial institution might create.

He said that he felt a responsibility to engage the regulators and other experts and to consider the overall impact on the industry, implying that he took that into account in making decisions regarding indictment.

“If this isn’t a textbook definition of the problem of too-big-to-fail, I don’t know what is. These financial firms are so large and so interconnected that they not only have access to lower-cost funding and to a seemingly limitless taxpayer backstop, but they are also immune from criminal prosecution,” Fine said. “Have we come to a point where we truly have people who are above the law? Are we willing to accept that they are too big to jail? These individuals wrecked our financial system and have been allowed to walk away, bonus checks in hand, like nothing happened, leaving community banks to pick up the pieces under the weight of crushing laws and regulations enacted to halt such reprehensible behavior.”

Fine has been a strong voice in the too-big-to-fail debate since the onset of the financial crisis. As a former community banker, he realizes firsthand how the actions of too-big-to-fail firms can affect Main Street community banks and the communities they serve.

ICBA as an association has also long advocated for the restructuring of too-big-to-fail firms because of the risks they pose to our nation’s community banks, financial system and economy as a whole. ICBA supports Federal Reserve Bank of Dallas President and CEO Richard Fisher’s call to restructure too-big-to-fail financial institutions to reduce risks to the financial system. ICBA also recently thanked the Government Accountability Office for agreeing to study potential market distortions caused by too-big-to-fail financial institutions. Sal Marranca, Past ICBA Chairman and CCB President & CEO, strongly endorses the ICBA’s position.

About ICBA

The Independent Community Bankers of America, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit

About CCB

CCB is an FDIC insured New York State chartered independent, community bank. From January 2, 1902, CCB has established an unprecedented record of fiscal integrity and sound financial growth, which now totals over $185 million in assets. CCB maintains convenient ATMs and can be found on the web at CCB is an equal housing lender. CCB’s main office is located in Little Valley, with seven branch offices.