44 JANUARY / FEBRUARY 2017 Article author Robert S. Nichols President and CEO American Bankers Association nichols@aba.com To say the 2016 election changed the outlook for banking policy is something of an understatement. It fundamentally altered the landscape and set the stage for a potentially productive year in Washington. That’s not to say there won’t be challenges. Here’s what bankers hoping for regulatory relief need to know: With a Republican House, Senate and White House, odds of pro-growth legislation being enacted are significantly increased, but not guaranteed. For any bill to succeed, it will need 60 votes in the Senate. That means bipartisan support ‒ and strong grassroots engagement by bankers ‒ is essential. That said, it’s clear our industry is starting out 2017 with greater odds of scoring important successes for economic growth. The outlook is also positive on the regulatory side, where new leadership at the banking agencies will provide opportunities to improve banking conditions. The Trump administration will have the task over the next several months of appointing new heads of the OCC (Comptroller Tom Curry’s term expires in March), FDIC (Chairman Marty Gruenberg’s term expires in November), Federal Reserve Board (Janet Yellen’s term as chair expires in February 2018) and the Consumer Financial Protection Bureau (Director Richard Cordray’s term expires in July 2018). The American Bankers Association will work collaboratively with the new leadership at these and other key regulatory agencies as we seek to reform and modernize the regulatory system itself. Of course the agenda in Washington will be crowded, and we’ll need to work together to make sure our policy priorities are on Congress’ radar. It helps that our priorities are geared toward helping our customers, clients and communities thrive, a goal that aligns with lawmaker concerns. In fact when ABA’s Government Relations Council leadership and board of directors met in December, the bankers discussed advocating not just much-needed changes, such as mortgage lending regulatory relief and simpler capital rules, but also policy solutions that are less parochial in nature and help the economy grow. These include ways to help those with student debt, urban housing and a stronger Small Business Administration. It’s even more important that the policy positions we advocate are positive and forward-looking, and tell the story of what banks are for, not what we are against. We are for economic growth. We are for job creation. We are for prosperity for our communities. Such optimism drives our industry, and is far more compelling than an anti-this, antithat platform. How can we best take advantage of the current climate to ensure our “Blueprint for Growth” is advanced? The best way is for bankers to engage at the grassroots level. That means working closely with your state bankers association to ensure your state’s lawmakers are hearing from you and your colleagues early and often. It also means showing up in force at this year’s ABA Government Relations Summit, March 20-22 in Washington. This event is the largest industry meeting in our nation’s capital, with around 1,000 bankers, with a range of titles and responsibilities, attending each year. If you’ve previously attended the Summit, please come again and bring a colleague; if you’ve never attended, make this your year to start. (Visit aba.com/Summit.) The 2016 election was a game-changer in many ways, but there’s one thing that remains the same: It will take the help of bankers ‒ from the C-suite to the tellers on the frontlines ‒ to move the ball down the field and score meaningful legislative victories. HB A Winning Game Plan for 2017 FEATURE
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