6 MARCH / APRIL 2017 Since 2006, more than 1,500 banks nationwide have failed, have been acquired or have been merged out of existence. In Indiana, since the 2007 enactment of the Dodd-Frank Act, 53 banks were lost to mergers and acquisitions. That represents more than a 33 percent reduction in the number of Indiana banks in less than a decade. This data is astounding and unacceptable! Banks of all sizes operate under the same mission: to help ensure and promote financial security and growth for both the customers and the communities they serve. Unfortunately, government-created regulatory overburden has too often restricted the industry’s ability to do what it does best ‒ that is, to help America and Americans thrive. Banks power economic growth by assisting businesses in creating jobs, by investing in local communities, and by facilitating the American dream of homeownership and small business ownership. Data doesn’t lie (with the apparent exception of political polling). America needs the support of a banking industry that is allowed to fulfill its mission by enabling pro-growth policies. An America without strong banking support is an America that cannot reach its full potential. This isn’t a new phenomenon. Bankers across Indiana and the nation have known this truth for a long time. I have had the great privilege to accompany Indiana bankers to visit Capitol Hill many times during the last 15 years. Within the last 10 years, those visits to the Hill have been frustrating. Over and over, our bankers have taken time from their schedules to meet in congressional offices and plead with members of our delegation regarding the need for regulatory reform, for a level playing field with other financial services providers, and for the government to reverse laws aimed at price-fixing and picking winners/losers in the free market. We have engaged with regulators whose primary focus seemed to be to punish broadly, without evidence of wrongdoing. Yet we persevered. IBA bankers came back to the Hill every year, with a bigger group each time we visited. I am pleased to report that our persistence has paid off. The message has been received, and the time for reform is now upon us. President Donald Trump has signed an executive order requesting reform of the Dodd-Frank Act. In the executive order, President Trump instructed the Department of the Treasury to work with the members of the Financial Stability Oversight Council to create a report with recommendations on the rollback of Dodd-Frank. House Financial Services Committee Chairman Jeb Hensarling (R-Texas) has reintroduced the Financial CHOICE Act, a comprehensive regulatory reform package including, but not limited to, tiered regulation and the very important repeal of the Durbin Amendment. Additionally, there is much discussion within the new administration, Amber R. Van Til President and CEO Indiana Bankers Association avantil@indianabankers.org Twitter: @grbanker VANTAGE VIEWPOINTS as well as on Capitol Hill, regarding the best method for scaling back or eliminating the Consumer Financial Protection Bureau. A recent court decision, PHH Mortgage v. CFPB, stated that the president may now fire the CFPB director at will. Reform is within reach, but to be successful we will need all hands on deck. IBA-member grassroots engagement is highly critical to the success of this promising agenda. Expect to see a significant increase in IBA action alerts. We ask that you don’t stop at sending an email. Make phone calls, send messages through social media, join us for a trip to Capitol Hill. There will be significant opposition efforts to any repeal of Dodd-Frank, softening of the CFPB and repeal of the Durbin Amendment, and we need to act. Take some time to peruse the roughly 15,000 pages of new regulations under Dodd-Frank. Look at how much the Durbin Amendment has cost your bank and your customers. Analyze how many loans have gone to subsidized lenders, such as credit unions and Farm Credit Services. The data, like the number of banks we’ve lost, will be astounding and unacceptable. We’ve been waiting for this moment for a long time. Let’s partner together now, while our efforts can make a true difference, for the sake of your customers and the communities you serve. HB The Indiana Bankers Association welcomes two new members to the Future Leadership Division board of directors: Michael J. Clampitt is senior vice president, commercial lending, with North Salem State Bank, which he joined in 2008. He serves on the board of directors of the Putnam County Economic Development Center and on the finance committee of the Putnam County Community Foundation. Clampitt is a graduate of Indiana State University and of the Barret Graduate School of Banking. Ryan L. Hart is vice president, commercial banking officer, with Lake City Bank, Warsaw, serving the Indianapolis market. He joined the bank in 2004 and has served in several commercial banking positions. Hart is active with Young Professionals of Central Indiana and the Central Indiana Risk Management Association. He earned a bachelor’s degree from Indiana University and an MBA from I.U.-Fort Wayne. WELCOME, FLD BOARD MEMBERS HB Digital: Click to view a roster of IBA Future Leadership Division members.
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