The Independent Community Bankers of America, which represents about 5,000 community banks, said it opposes the CLARITY Act and wants all perceived loopholes around stablecoin rewards fully closed. ICBA President and CEO Rebeca Romero Rainey said there is no room for compromise on stablecoin yields. The group warned that stablecoins could pull $1.3 trillion in deposits from the banking system and cut local lending by $850 billion. Romero Rainey also criticized the White House Council of Economic Advisers report on a stablecoin yield ban for understating banks’ concerns about deposit outflows. The Senate is scheduled to vote on the CLARITY Act on September 15, and the bill will need support from at least 60 senators to advance.