Hoosier Banker 7 It finally happened. On May 24, President Donald J. Trump signed into law S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. The significance of this new law is nothing less than monumental. While no single law is a cure-all, this legislation goes a long way toward reversing much of the overreach of the DoddFrank Act. Since the enactment of DFA nearly a decade ago – a knee-jerk reaction to the financial crisis of 2008 – the banking industry has been challenged by overregulation. The specific ills of the 2,300-page act are too numerous to list, but essentially Dodd-Frank punished the depository, taxpaying banking community for the faults of nonbank institutions. It also disproportionately affected small banks. Now with S. 2155 signed into law, “thank you” is the phrase of the day. The officers, directors and staff of the Indiana Bankers Association appreciate the teamwork applied to make this bipartisan legislation come to fruition. Starting at the top, we thank President Trump for signing the bill into law. We thank members of the U.S. House of Representatives, who voted for passage of the law two days before it was signed into law. Closer to home, we thank the members of the Indiana delegation who voted in favor: Representatives Trey Hollingsworth, Luke Messer, Jackie Walorski, Jim Banks, Todd Rokita, Susan Brooks, Larry Bucshon and André Carson. In particular Representatives Hollingsworth and Messer, as members of the House Finance Committee, were helpful in encouraging Committee Chairman Jeb Hensarling and House Speaker Paul Ryan to put the bill on the floor for a vote. We thank the U.S. Senate for taking the first steps to make this bill come to life by passing the legislation on March 14. Both of our Indiana senators, Joe Donnelly and Todd Young, voted in favor. Notably, Sen. Donnelly was instrumental to this legislation in his service as a member of the Senate Committee on Banking, Housing, and Urban Affairs. He worked closely with a bipartisan group of senators to put together a regulatory reform bill that would satisfy both Democrats and Republicans and gain enough votes for passage in the Senate. Finally, we thank you, the member bankers of the IBA, who extended grassroots advocacy to make sure this bill kept its momentum and made it across the finish line. Many times the IBA asked for your help in reaching out to legislators to explain how this legislation would allow you to better serve your customers and communities. Each time we asked, you helped. To aid legislators in understanding why S. 2155 is so critical, you shared stories from your banks of being unable to make loans to creditworthy borrowers, knowing that the same loans in a different environment would have easily been approved. You gave examples of watching customers you could not help, due to overregulation, NOTABLE QUOTES From the Twittersphere Financial Services · @FinancialCmte · May 22 Ű &6)%/-2+ ,SYWI TEWWIW QSWX WMKRMƤGERX TVS KVS[XL ƤRERGMEP VIKYPEXSV] VIJSVQ MR E KIRIVEXMSR [MXL E FMTEVXMWER ZSXI SJ 2I\X WXST $VIEP(SREPH8VYQTŭW HIWO XS FI WMKRIH MRXS PE[ ű Rob Nichols · @BankersPrez · May 24 Ű8LERO ]SY $VIEP(SREPH8VYQT JSV LIPTMRK XS QEOI FMTEVXMWER GSQQSRWIRWI 6IK6IJSVQ E VIEPMX] 8VYP] E XYVRMRK TSMRX MR FEROMRK TSPMG] ű Rebeca Romero Rainey · @romerorainey · May 24 Ű-XŭW SJƤGMEP 7 XSHE] [EW WMKRIH MRXS PE[ F] $43897 ƤREPM^MRK E QENSV EGLMIZIQIRX JSV XLI REXMSRŭW GSQQYRMX] FEROW ű The White House · @WhiteHouse · May 24 Ű4VSZMHMRK GSQQYRMX] PIRHIVW [MXL VIPMIJ JVSQ YRRIGIWWEV] VIKYPEXSV] FYVHIRW [MPP LIPT TVSQSXI IZIR KVIEXIV IGSRSQMG KVS[XL ű St. Louis Fed · @stlouisfed · June 15 Ű7SQI EVIEW SJ VIKYPEXSV] VIPMIJ XLEX 7 WLSYPH TVSZMHI GSQQYRMX] FEROW MRGPYHI VIHYGIH VITSVXMRK PIWW JVIUYIRX WEJIX] ERH WSYRHRIWW I\EQW ERH :SPGOIV 6YPI I\IQTXMSRW ű Follow IBA Twitter: @indianabankers Clay W. Ewing Chairman Indiana Bankers Association President, Chief Banking 3JƤGIV ERH 7IGVIXEV] to the &SEVH SJ (MVIGXSVW German American Bank, Jasper CHAIRMAN’S REPORT put themselves at financial risk by seeking loan alternatives through unregulated shadow lenders. You expressed the frustration of spending countless hours tending to burdensome regulation, preventing you from devoting time to your customers and communities. You spoke, and legislators listened. Thank you for that. As for some of the specifics of S. 2155, the legislation will be impacting banking by providing: % Improved consumer access to mortgage credit; % Regulatory relief and improved consumer access to credit; % Protections for veterans, consumers and homeowners; and % Tailored regulations for certain bank holding companies. Those are only starting points. To learn more, contact your IBA team at 317-387-9380 for additional details. S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, will help to grow the economy by providing regulatory relief, while retaining important protections for consumers. This bipartisan bill represents a major victory not only for banking, but for the customers and communities you serve. HB
RkJQdWJsaXNoZXIy MTg3NDExNQ==