ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home ABA Banking Journal

An Unusual Perspective

November 4, 2019
Reading Time: 3 mins read
An Unusual Perspective

Laurie Stewart addresses the ABA Annual Convention shortly after being elected ABA chair in October 2019.

By Laurie Stewart

Like many of you, I’ve been involved with my state bankers association and ABA a long time. I know that they value the same things I value at my bank: solid relationships, shared goals, a desire to serve and a diversity of perspectives.

Each of us has our own experiences and by sharing them, we deepen understanding, enrich important debates and strengthen outcomes. My own perspective and experiences are rather unusual, so I feel particularly compelled to share them when I feel it will make a difference. And making a difference is what I am most excited about when I think of my year ahead chairing ABA.

As the first in my family to graduate from high school—and college—you can bet I value the role education plays in one’s personal and professional development. It has made a tremendous difference in my life, and it’s an area I’ll be actively supporting in the months ahead.

As a bank leader who has often found herself the only woman at the table, I also have a passion for making everyone on a team feel welcome and heard. A diversity of talent, combined with a strong atmosphere of inclusiveness, leads to better decisions and makes for more effective leadership.

And as a person who hails from what some in my state like to call “the good Washington,” I understand how crucial it is to inform the “other Washington” about how policies play out back home.

Which brings me to what may be the most unusual perspective I have to offer to our industry’s deliberations—that of a former credit union CEO who is fiercely committed to bringing facts and reason to the debate about credit unions.

I became CEO of my institution when it was just a $38 million-asset credit union. Since that time, I ushered it through a series of charter conversions to be the bank it is today. Why? Because I knew the institution needed to grow and to do that it had to shed its common bond restraints. The alternative—to take advantage of our tax-free status at the expense of the communities that rely on tax revenues to grow—would be wrong.

That experience taught me both the value and the regulatory limitations of the credit union charter. Credit unions are supposed to be different from banks, but today that difference is all but disappearing, save for the stark contrast in the ways both are taxed and regulated. Even more troubling is a trend we have seen recently of credit unions expanding their businesses by purchasing banks.

Every time a credit union buys a bank, another taxpayer leaves the rolls. That means fewer businesses contributing to the tax base supporting our communities, which means less tax revenue available for schools, public safety and other public services.

I pointed out the consequences of this in an op-ed in my local business journal, noting that a 20 percent tax hike that was recently levied on service businesses—including banks—in Washington state to support higher education excluded credit unions. The tax was hinged on the theory that those who benefited from having college-educated workers should pick up a greater portion of the expense. Credit unions no doubt benefit from such a workforce but managed to pay nothing in support of it.

I wrote that op-ed because it’s important for policymakers to know that you can both believe credit unions have a role to play in today’s financial services industry and also believe policy changes are needed to ensure a fair, well-functioning marketplace that helps communities grow.

I encourage you to also share your experiences to inform and shape important debates affecting our industry. And I look forward to working with you as you do so.

ADVERTISEMENT
Tags: ABA leadershipCredit unionsProfessional developmentWorkforce excellence
ShareTweetPin

Author

Laurie Stewart

Laurie Stewart

Laurie Stewart, president and CEO of Sound Community Bank in Seattle, is the 2019-20 chair of the American Bankers Association.

Related Posts

The future of careers in risk and compliance

The future of careers in risk and compliance

ABA Banking Journal Podcast
July 17, 2025

What does the future hold for bank risk and compliance professionals? Krysti Cunningham discusses the technological transformation in risk and compliance at community and midsize banks and applications for AI tools and LLMs in risk and compliance.

ABA faults banking regulators for confusing CRA rule rollout

Banking agencies propose to rescind Community Reinvestment Act rule

Community Banking
July 16, 2025

The Federal Reserve, FDIC and OCC issued a joint proposal to rescind the Community Reinvestment Act final rule adopted in 2023.

OCC sees need for regulatory reform in bank merger process

Bank acquisitions announced in three states

Community Banking
July 16, 2025

Huntington Bancshares, First Community and Civista Bancshares announce planned acquisitions in Texas, Georgia and Ohio.

FDIC withdraws proposed rules on brokered deposits, corporate governance, executive pay

FDIC board advances proposals on industrial banks, supervisory appeals, bank branches

Community Banking
July 15, 2025

The FDIC board voted to roll back Biden-era actions on industrial banks, supervisory appeals and CRA implementation. It also introduced a proposal to streamline the agency’s approval process for new bank branches.

ABA donates to Texas flood relief efforts, urges bankers to contribute

ABA donates to Texas flood relief efforts, urges bankers to contribute

Community Banking
July 10, 2025

ABA will donate $10,000 to Texas Bankers Foundation to assist with immediate disaster response and recovery following the recent catastrophic flooding in Central Texas.

Budget bill narrowly passes Senate, moves back to House

Breaking down the bank-related provisions in the big budget bill

ABA Banking Journal Podcast
July 10, 2025

Following the enactment of the One Big Beautiful Bill Act, hear from ABA experts on how key ABA-supported provisions on tax policy, rural real estate and health savings accounts in the budget reconciliation law will affect banks.

NEWSBYTES

ABA offers fixes for small-business lending data collection rule

July 18, 2025

ABA DataBank: Retail sales rebounded in June

July 18, 2025

CFPB to keep notification procedures for state enforcement of consumer law

July 18, 2025

SPONSORED CONTENT

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

Navigating Disruption in Ag Lending – Why Tariffs Are Just the Tip of the Iceberg

July 1, 2025
AI Compliance and Regulation: What Financial Institutions Need to Know

Unlocking Deposit Growth: How Financial Institutions Can Activate Data for Precision Cross-Sell

June 1, 2025
Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025

PODCASTS

The future of careers in risk and compliance

July 17, 2025

Breaking down the bank-related provisions in the big budget bill

July 10, 2025

Podcast: Inside ABA’s new Treasury Check Verification System API

June 25, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.