The banking sector has seen many constructive, positive policy developments at the federal level so far this year, and top officials have expressed their willingness to work with and engage with bankers on those issues, American Bankers Association President and CEO Rob Nichols said today at ABA’s Risk and Compliance Conference in Indianapolis.
“The fact is, the new administration wants to work with us to allow banks to better serve their customers, clients and communities, and we welcome that. They want to hear from you,” Nichols said, adding that ABA offers numerous volunteer opportunities through councils, committees and comment letter working groups.
Among the positive developments in the first six months of the year, Nichols pointed to the recent decisions by the Consumer Financial Protection Bureau to concede on ABA lawsuits over changes to the UDAAP manual and credit card late fees. The CFPB also abandoned a rule setting new limits on overdraft fees following an ABA lawsuit and the passage of a Congressional Review Act resolution to overturn the rule. ABA was the only national association to support the resolution.
“There were many others out there who didn’t think we could get it done,” Nichols said. “It was truly a testament to banker-driven advocacy that we were able to get this over the finish line, and our industry is stronger because of it.”
Much work remains, according to Nichols. Among its policy priorities, ABA has called on the Department of Urban Housing and Development to recalibrate its disparate-impact rule, continues to push for tailored regulation, and is working with the Treasury Department to find ways to cut through regulatory red tape that restrains growth.
“Your input will be vital as policymakers write the next chapter of banking regulation,” Nichols told the audience.
