As the banking industry continues to work toward the goal of regulatory relief, ABA President and CEO Rob Nichols today said that such changes stand to benefit consumers most.
“Ultimately, this is not about the banks,” Nichols said in an interview on CNBC’s “Squawk on the Street.” “This is about economic growth for bank customers, clients and communities. That’s really the folks that will benefit from rule recalibration that is sensible. Our interest is in helping the economy grow.”
Nichols noted that ABA is seeking commonsense changes to Dodd-Frank Act rules and other regulations that impede banks’ ability to provide their customers with the financial products and services they need. He added that any changes should not affect the safety and soundness of the financial system.
The association is pursuing regulatory reform both through Congress and the Trump administration. In response to President Trump’s executive order calling for a review of the current regulatory framework, ABA has submitted white papers to the Treasury Department on a range of issues including capital, liquidity, stress testing, fair lending, HMDA, small-dollar lending and international standard setting.