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ABA: The American Bankers Association
Statement

ABA Statement on Today's FDIC Actions

“We welcome the measured steps taken today by the FDIC, which will allow banks to further support the economy at this challenging time for the nation. Providing for covered fund exclusions and affiliate transaction reforms under the Volcker Rule will bolster capital formation, customer choice and community development efforts, while preserving traditional banking services. Removing the margin requirement for banks and their affiliates recognizes that inter-affiliate swaps help financial institutions centralize risk management, which promotes increased safety and soundness. Also, extending the compliance time for Phases 5 and 6 of the Swaps Margin Rule is a welcome step as it provides market participants with more time to comply. Finally, the FDIC's Federal Interest Rate Authority rule will restore the efficiency and effectiveness of primary and secondary loan markets, protecting the ability of state banks and loan purchasers to diversify their holdings while facilitating loan origination.

“In total, the FDIC’s actions today will enhance credit availability and economic growth without compromising the important financial stability and resiliency gains we have made. We appreciate the extensive and thoughtful review of these issues and look forward to other regulatory agencies confirming the actions taken by the FDIC today.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $20.3 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $15.8 trillion in deposits and extend nearly $11 trillion in loans.

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Ian McKendry

(202) 663-5473

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