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ABA: The American Bankers Association
Press Release

ABA Statement on Today's Federal Reserve Board Meeting

WASHINGTON —

American Bankers Association President and CEO Rob Nichols issued the following statement today after the Federal Reserve Board approved a final rule that will clarify when a company has “control” over another company and proposed a rule that will better align the Volcker Rule with congressional intent.

“We welcome the Federal Reserve’s final rule clarifying the control framework for depository institutions. The rule approved today will provide more regulatory transparency, predictability and compliance certainty, which will help community banks in their efforts to raise capital and further support lending and investment in the communities they serve. The rule will also enhance banks’ ability to build partnerships with fintechs and other companies developing innovative banking tools to serve customers.

“We also appreciate the Board’s proposal to make measured changes to the Volcker Rule that promote investment in new and emerging businesses while maintaining safety and soundness. These proposed changes will allow banks to do more to help grow the economy and foster job creation.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $21.1 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $17 trillion in deposits and extend nearly $11 trillion in loans.

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Jeff Sigmund

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