American Bankers Association President and CEO Rob Nichols appeared on Kevin Cirilli’s Bloomberg Radio show yesterday to discuss the legislative outlook for the banking industry in the 116th Congress, which convenes on Jan. 3. ABA hopes to “build on what happened in the last Congress,” namely bipartisan regulatory reform bill S. 2155, Nichols said.
He added that ABA is hoping lawmakers will tackle updates to the decades-old anti-money laundering framework, the need for consistent data security standards across industries and the growing uncertainty about banking marijuana-related businesses as more and more states legalize some forms of cannabis use. “We just need to know what are the rules of road so that banks can lend to their customers and communities,” Nichols said.
