ABA’s Nichols outlines regulatory ‘tsunami’ effects on banking sector

At the 2024 Insurance Risk Management Forum in Amelia Island, Florida, yesterday, American Bankers Association President and CEO Rob Nichols discussed the state of the regulatory landscape and how it will affect attendees’ risk management strategies.

Among other things, Nichols addressed the evolving regulatory outlook for the year ahead, summarizing several issues that ABA opposes: the Durbin-Marshall bill; the Section 1071 final rule on small business data collection; the Regulation II proposal; the proposed Basel III “endgame”; administration’s rhetorical “war on fees,” which Nichols called “highly offensive, unjustified and wrong.”

Nichols also shared the running list of issues on which ABA plays offense. For example, ABA supports cannabis banking, crypto supervision, a continued push for oversight of credit unions and multiple initiatives to combat fraud. These priorities and others are reflected in ABA’s 2024 Blueprint for Growth, which outlines the association’s advocacy agenda for the year.