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For Immediate Release
May 4, 2017
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Follow us on Twitter: @ABABankers

ABA Statement on Today’s Financial CHOICE Act Vote

By Rob Nichols, ABA president and CEO

     “The House Financial Services Committee has taken a very important step toward reforming the Dodd-Frank Act and providing much needed regulatory relief.  We commend Chairman Hensarling and members of the Committee for their tireless efforts to help our nation’s banking industry serve their customers and communities.   
     “The thousands of pages of new regulations facing banks have become a tremendous driver of decisions to sell or merge. Given the cost of complying with all the new rules, some community banks are having to choose between meeting those regulatory requirements and meeting the financial needs of their individual and business customers.
     “The Financial CHOICE Act addresses many of these concerns.  We’re pleased that it includes many provisions that ABA has long advocated, including a repeal of the Durbin interchange amendment; the TAILOR Act, which requires that regulations be tailored to fit an institution’s business model and risk profile; the Qualified Mortgage safe harbor provision for mortgages held in a lender’s portfolio; and other measures that would allow banks to better serve their customers and communities.
     “We look forward to working with lawmakers from both parties as this important process moves forward.”
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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.