By Kenneth Kelly
ABA Chair Kenneth Kelly is chairman and CEO of First Independence Bank in Detroit.
People who know me know that I’m passionate about the future of banking.
Since becoming chairman and CEO of First Independence Bank in 2017, I’ve been passionate about cultivating the perspective of younger generations and having those perspectives shape the bank’s strategy and product offerings as we serve our markets in Detroit and Minneapolis.
I’ve been passionate about helping people of all ages plan for their financial futures, to build wealth to pass on to their children and the generations that follow.
And I’ve been passionate about pursuing a regulatory policy that will ensure that the banking sector remains strong, stable and ready to take on the challenges of tomorrow.
For the past several months, I’ve been involved with an effort at ABA to move the needle on one of the most fundamental issues facing our industry and its future: the modernization of our deposit insurance system.
While our current system has served us well over the years, the high-profile bank failures of 2023 raised significant questions about confidence and stability. We owe it to ourselves and future generations to address these questions, and to fully consider the 10 recommendations approved by the ABA board of directors as options on the table for reforming our current system.
I was honored to have been asked to lead a small task force — building off of conversations that began in a larger, diverse working group of more than 300 banks — to steer ABA’s work on this effort.
In my view, this effort was emblematic of the essential role ABA plays in the banking sector. As a trade association that represents all banks of all sizes, ABA serves as a point of connection for bankers to come together and strategize around the challenges and opportunities facing our industry.
As you can imagine, synthesizing a broad range of views from our incredibly broad and widely varied member base isn’t always easy. The needs and interests of a bank like ours — a small minority depository institution reaching urban communities in Michigan and Minnesota — may differ from the needs of an ag bank in the heartland, or a large, global financial firm with branches across America. However, each of our institutions has a seat at the table at ABA.
That’s why I’m proud to be stepping up to lead this organization as chair. I believe that as an industry, we are at our strongest when we work together to find solutions that strengthen our economy and ensure that our customers have what they need to succeed — from the security that deposit insurance provides, to cutting-edge products and services they need thrive and plan for their financial futures.
I begin my chairmanship with an invitation to each and every one of you: Pull up your seat at the table and help us write the next chapter of this great industry. Together, we will make the future of banking a bright one.
