ABA Statement on Executive Orders

ABA issued the following statement from ABA President and CEO Rob Nichols after the White House released two executive orders related to the banking sector:

"ABA has long believed that any player in the financial services marketplace looking to offer bank-like services should be required to meet the same rigorous regulatory and consumer protection requirements. Unless everyone is held to the same high standards, the financial system and consumers will be at risk. In light of today's White House Executive order on financial innovation, we urge the banking regulators to conduct their requested review in a way that allows for innovation but doesn't compromise the safe and sound financial system we have today.

"We are also reviewing the separate White House Executive Order on preventing illicit financial activity. We share the administration's goal of ensuring a safe, sound, and secure financial system, and America's banks work diligently every day to prevent bad actors from gaining access. We will continue to work with the administration, law enforcement and other stakeholders to ensure today's actions bolster our financial defenses while maintaining consumer access to banking services."