Pub. 8 2018-2019 Issue 5

8 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S FEATURE ARTICLE The fundamental business of banking — from the deployment of credit to the building of communities — does not belong to one party BY ROB NICHOLS, PRESIDENT AND CEO 2019: Different Approach, Same Agenda S ignificant progress at the regulatory agencies as well as the passage and im- plementation of long-sought bipartisan regulatory reform made 2018 a breakthrough year in many ways. The new year brings fresh challenges, including how tomaintainmomen- tum for policy improvements in the face of a newly divided Congress. But as I have said on many occasions, the fundamental business of banking — from the deployment of credit to the building of commu- nities — does not belong to one party. Banking issues can and should be bipartisan. So while our tactics might change with the new dynamic in Washington, our agenda hasn’t, and won’t. ABA will actively advocate on a range of policy issues in 2019, including additional regulatory reforms that didn’t make it into S. 2155, such as exam-fairness provisions that would establish deadlines for banking agencies to issue exam reports and create an indepen- dent examination review and appeal process. Other topics we think are ripe for bipartisan action include: Bank Secrecy Act Reform There is growing consensus that now is the time to update the compliance structure sur- rounding the nation’s anti-money laundering rules, which has not changed since 1970. We will be working to build bipartisan support for BSA/AML reform, including up- dated Suspicious Activity Report and Currency Transaction Report thresholds, further modi- fications to customer due-diligence rules and better communication between banks and law enforcement. Cannabis Banking As cannabis is now legal in some form in 33 states, the growth in dispensaries as well as numerous fast-growing offshoot businesses is putting our industry in an untenable position. A bank might choose not to serve a marijuana grower or dispensary since cannabis remains illegal under federal law, yet still face signifi- cant legal, operational and regulatory risk if it offers services to a customer with a tangential