For Immediate Release
June 12, 2017
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Email: jsigmund@aba.com
Follow us on Twitter: @ABABankers

ABA Commends Pro-Growth Treasury Report on Financial Regulations

By Rob Nichols, ABA president and CEO

​     “Today’s Treasury report is an important step to refine financial regulations to ensure that they are supporting – not inhibiting – economic expansion.  We applaud Secretary Mnuchin for recognizing that we need regulatory reform to boost economic growth, and we expect this report will serve as a catalyst in that effort.  We’re committed to working with the administration and regulators on these recommendations to allow banks to better serve their customers and communities, without compromising safety and soundness.
 
     “We’re encouraged that the report contains many recommendations for regulatory reform long endorsed by ABA.  These include relaxing obstacles that deny qualified Americans access to mortgages, as well as changes to the Volcker Rule to address the unnecessary constraints it imposes on markets and its unwarranted extension to community banks. The report also calls for important adjustments to regulations surrounding liquidity and stress testing, as well as exempting community banks from Basel III.  We remain steadfast in our belief that arbitrary asset thresholds should not guide regulation; rather, regulators should be empowered to ensure that rules are tailored to different risk profiles and business models. 
 
     “While we applaud these efforts toward regulatory reform, we know there is more to do. We urge regulators and Congress to take up these recommendations expeditiously, and to consider additional changes so banks can continue to play their important role in accelerating economic growth.”
 
The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.
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