Since taking the helm of the American Bankers Association\u00a0on Jan.\u00a01, my priority has been meeting with and listening to bankers and state association executives about what\u2019s needed to help banks succeed. I\u2019ve logged tens of thousands of miles in service to that goal and by late June had visited with nearly 3,500 industry leaders at various state conventions and meetings.<\/p>\n
The feedback I have received has been invaluable, and it has driven ABA activities in recent months. For example, you have told me in no uncertain terms that the industry needs to take our advocacy game to a new level to counter an increasingly organized, antagonistic and aggressive anti-bank lobby.<\/p>\n
I would have thought that the stridency with which the public policy sector treats our industry would have lessened by now, six years after Dodd-Frank and eight years post-crisis. But in fact it has increased. This is a problem. Bank-bashing \u2014 including that which comes from within the industry \u2014 damages the entire industry\u2019s image and feeds those who would prefer that banks be managed by Washington.<\/p>\n
That is why ABA is pushing back \u2014 hard \u2014 in defense of banks. Among other things, we launched a targeted pro-bank image campaign aimed at Washington opinion elites. We are advertising on the radio and at Washington Nationals baseball games \u2014 which a disproportionate number of members of Congress, Hill staff, regulators, agency staff and reporters attend \u2014 as well as on social media pushing positive messages about the important role banks play in their communities. You can see some of that messaging at aba.com\/AmericasBanks.<\/p>\n
We also are going all-in on our Power Up initiative, which is aimed at getting more bankers engaged in politics \u2014 from building lawmaker relationships to donating funds for races \u2014 in order to increase our success in Washington. I am grateful for the state associations\u2019 leadership in promoting this cause. More bankers are telling us that they either know their member of Congress or are willing to get to know them. They are contributing more to BankPac and their state PACs. And they are giving to the Fund for Economic Growth. (Incidentally, if you are one who has done all three, please know that staff at ABA affectionately refer to you as a \u201cpower player.\u201d If you haven\u2019t but want to learn more, visit aba.com\/PowerUp.)<\/p>\n
And we are aggressively challenging cases of regulatory overreach, such as the National Credit Union Administration\u2019s egregious member business lending rule approved earlier this year, which we believe contradicts the law, and the CFPB\u2019s proposed rule on arbitration, which would dramatically limit the use of arbitration agreements even though data show they serve consumers better than class action lawsuits.<\/p>\n
The feedback I\u2019ve received in my first six months on the job also makes clear that we must be proactive in addressing broad trends that are reshaping banking. That is why two staff task forces at ABA have been studying the challenges and opportunities posed by the fintech revolution and massive demographic shifts. The groups will be recommending new ways ABA can serve the industry, with a sharp focus on how we can help community banks. More on that to come, but in the meantime rest assured that contrary to many headlines, millennials are not disenchanted with banks, and that opportunities for partnering with nonbank fintech companies abound.<\/p>\n
These are just a few ways ABA, working closely with state bankers associations, is striving to build a more secure and competitive future for your bank. These efforts are built on banker feedback, and I hope you\u2019ll keep that coming.<\/p>\n