6 NOVEMBER / DECEMBER 2017 Amber R. Van Til President and CEO Indiana Bankers Association avantil@indianabankers.org @grbanker VANTAGE VIEWPOINTS As I reflect on the events and happenings of 2017, I’m grateful to report that it’s been a good year, both for the Indiana Bankers Association and, more importantly, for our member banks. For the IBA, it’s been a good year because we made it through several milestones. We’ve experienced a smooth leadership transition, thanks to help and guidance from our capable board, engaged members and dedicated staff. We’ve moved to new offices – conveniently located near interstate access – designed with a modern flair to reflect our forward focus. We’ve launched our inaugural Banking on Women conference, opening the door to expanded opportunity for women in banking in Indiana. And we’ve updated communications, for example through the redesigned Hoosier Banker that you are now reading. On the legislative front, which impacts member banks directly, we likewise have seen success. At the state level, your IBA Government Relations Team worked hard this past session in promoting two bills and two amendments of benefit to the industry. Specifically, the bills protect appropriate lender notification when collateral is at risk through selling of personal property; and the amendments allow lenders to deliver trust documentation electronically, plus to extend the state income tax filing deadline one month beyond the federal income filing deadline. Equally important, the GR Team played active defense at the Statehouse, helping to prevent passage of legislation harmful to the industry. Among the many bills and amendments that did not come to pass, critical was the prevention of legislation that would have: enabled school corporations to file for municipal bankruptcy; enabled municipally owned water utilities to have a super priority lien for water; allowed public deposits to be invested outside of Indiana through brokered certificates of deposit; and extended the mortgage foreclosure filing fee indefinitely. Thank you for your grassroots support of the above successes, and certainly on the national level, as well. We are fortunate to be operating in an environment that in recent months has been friendlier to business, with deeper understanding of the importance of free market economics. As of this writing, a major victory was reached when the U.S. Senate voted to overturn the final rule on arbitration issued in July by the Consumer Financial Protection Bureau. The House of Representatives had already voted this summer for overturn. Now, with President Trump’s signature, the overreaching rule has been put to rest. It is a win for banks and consumers alike. Rather than help consumers, instead the rule would have encouraged the filing of frivolous class action lawsuits, to the benefit of some profiteering members of the legal profession, but not to the benefit of consumers. Worse still, costs would have increased for consumers and for banks of all sizes, as confirmed by both the U.S. Department of the Treasury and the Office of the Comptroller of the Currency in their independent analyses. Clearly the overturning of CFPB’s final rule on arbitration is good news. But here’s the catch: To paraphrase Newton’s third law of physics, it seems that for every legislative positive action, there is an equal and opposite public reaction. In other words, though the news is good for consumers, it isn’t being portrayed that way. Rather, it has defaulted to a tired metaphor – a conflict of consumers versus banks. It’s an old concept, and it’s untrue. Banks are on the side of consumers. You know that. I know that. The legislators who vote with reason know that. It’s time to let consumers know it, too. One of IBA’s goals for 2018 is to reach out more fully and deeply to the media. This year, we’ve had a couple of op-eds published in Indiana newspapers and aim to do more in the New Year. We’d also like to more effectively use social media to share good news about banks and the true story of banking. Our work is cut out for us, but just as advocacy works best with grassroots support, so does image-building. Consider what you can do to make your voice heard, whether it’s by chatting with customers, presenting at community organizations, or simply saying hello to your media contacts and offering to be a resource. And through it all, let us know how the IBA can help – our best ideas come from you. This year has been eventful and successful, thanks to our supportive members and associate members. We look forward to continuing to serve you in 2018. HB twitter.com/indianabankers facebook.com/indianabankersassociation linkedin.com/company/indiana-bankers-association facebook.com/IBAfutureleadershipdivision
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