In an appearance on “Bloomberg Markets” today, American Bankers Association President and CEO Rob Nichols said that while a full repeal of the Dodd-Frank Act is unlikely, “there’s a whole host of areas that require focus and attention to help the financial markets get the economy going.”
He discussed efforts to improve the environment for rapidly consolidating community banks. “A lot of the policy response intended for the larger banks has trickled down and impacted community banks,” said Nichols. “They are really hurting. We are worried about community banks that don’t have the scale to absorb a number of the regulatory body blows.”
Nichols also addressed the Federal Reserve dividend lawsuit, filed just minutes before his appearance on Bloomberg. He noted that litigation is “always a last resort” but that other efforts to address the policy had failed, leaving the industry with no option but to “take it to the courts so they can sort it out.”
