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For Immediate Release
May 9, 2019
ABA Media Contact: Blair Bernstein
(202) 663-5468
Email: bbernste@aba.com
Follow us on Twitter: @ABABankers

ABA Statement on Today’s House Financial Services Committee Markup

By Rob Nichols, ABA president and CEO

​“We thank members of the House Financial Services Committee for their efforts to improve the Anti-Money Laundering/Bank Secrecy Act compliance framework and Chairman Cleaver for sponsoring the COUNTER Act of 2019.  This important bipartisan legislation approved by the committee today would allow banks and law enforcement to better share information and assist in our mutual goal of preventing bad actors from accessing the banking system.

“We appreciate the committee’s engagement on these issues, and urge lawmakers to continue to advance legislation sponsored by Chairwoman Maloney that would require corporations and limited liability companies to self-report beneficial owners to FinCEN, a long overdue measure that would bring the U.S. in line with other countries and improve oversight.  We stand ready to work with lawmakers on these critically important reforms as the process moves forward.”
 
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The American Bankers Association is the voice of the nation’s $17.9 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard nearly $14 trillion in deposits and extend more than $10 trillion in loans.