Updates from the ABA
We had the opportunity to hear Rob Nichols, President & CEO of the American Bankers speak at the Western Independent Bankers conference in Kauai last month. Always energizing and informative, Nichols shared some of his views about the Regulatory Agencies, as well as the ABA’s key policy issues:
OCC – Priorities are: CRA, BSA/AML
New Comptroller of the Currency – Joe Otting, a 40-year banker. Great news for the nationally chartered financial institutions!
FDIC – Jelena McWilliams has been nominated as the next chairman. Nichols said she is extremely knowledgeable and will be a “great ally”.
Fed Chair – Jerome Powell is the new chair. Nichols said that Powell has said that the “fed overshot” and he is there to fix.
Fed Vice Chair – Randy Quarles took over and vowed to look at all the rules and past Dodd Frank.
CFPB – Mick Mulvaney is the acting head. He has vowed to “re-evaluate” how the CFPB does business and make changes.
All in All, a “Rosy Outlook” from the Regulatory Agencies!
ABA Key Policy Issues:
- GSE Reform
- AML/BSA Reform
- Marijuana Banking (Need Fed rule clarity)
- CRA Modernization
- Section 1071 (Dodd Frank)
- Credit Unions/Farm Credit