Florida Bankers Testify Before Congressional Committee

 TALLAHASSEE – The Florida Bankers Association (FBA) is pleased to announce that on May 14, FBA Chair-Elect Keith Costello, President & CEO of Locality Bank in Fort Lauderdale, and FBA Board of Directors Member Mary Usategui, President & CEO of BankMiami, testified before the U.S. House Financial Services Committee (HFSC) Subcommittee on Financial Institutions. The hearing was entitled, “Enhancing Competition: Shaping the Future of Bank Mergers and De Novo Formation.” 

The Committee is pursuing reforms to enable a robust, competitive banking marketplace that meets the needs of communities and the broader economy. Costello and Usategui issued powerful and impactful testimony to that end, particularly in promoting the need for and opportunity brought by de novo banks. 

Their testimony, and the recorded hearing, may be accessed here. 

“Community banks play a critical role in the economic vitality of our nation, supporting small businesses and bolstering resilience,” FBA President & CEO Kathy Kraninger said. “Mergers and Acquisitions are essential for the health of the banking sector, but without the establishment of new banks, consolidation leaves communities underserved. Our bankers laid out the challenges and barriers to de novo formation, as well as what Congress and regulators could do to encourage more activity.” 

The hearing, part of the HFSC’s Making Community Banking Great Again initiative, examined how regulatory requirements, particularly regarding capital raises and business plans, and uncertain approval timelines limit new bank formation. The discussion explored opportunities to improve transparency and efficiency in the bank merger review process, update the framework for new bank entrants and promote a more competitive and accessible banking landscape. The hearing also considered how existing regulations impact market entry and financial access, particularly in underserved areas. 

About the Florida Bankers Association 

Through advocacy, education and engagement, the FBA supports Florida bankers in better serving their customers and communities. Established in 1888, FBA today represents more than 150 banks of all sizes, and their dedicated 134,000+ employees, operating in the state of Florida.