In a New York Times letter today responding to exaggerated claims about bankers’ regulatory relief efforts, American Bankers Association President and CEO Rob Nichols made clear that the policy changes bankers are seeking are “common-sense reforms that can ease the regulatory burden responsibly and allow banks of all sizes to better serve their customers and communities.”
For example, bankers are pushing for reforms that make it easier for creditworthy families to buy homes or for businesses to access the capital they need to grow. Nichols noted that “inaction carries consequences for the economy,” adding that “the rising cost of compliance is the biggest reason banks are closing their doors.”
“America’s banks do not want to ‘turn back the clock,’ as your editorial claims,” he concluded. “We want to move forward and do our part to grow the economy and create opportunities for all Americans.”
