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For Immediate Release
October 26, 2017
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Follow us on Twitter: @ABABankers

ABA: Treasury Recommendations Would Help Banks Provide Services to Clients and Markets

By Rob Nichols, ABA president and CEO

​     “Today’s Treasury report regarding asset management and insurance is an important step toward eliminating unnecessary regulatory burdens that hamper banks’ ability to provide services to their clients and the markets. Many banks, thrifts and trust companies engage in these activities by providing fiduciary and other related services to individuals, families, charitable entities, retirement plans and municipalities.
     “The report recommends a number of important and reasonable reforms to the rules affecting the asset management industry, including activities-based evaluations of systemic risk, regulatory action to reduce the burden of the Volcker Rule, increasing transparency of the international standard setting process, and delaying implementation of the Department of Labor’s fiduciary rule. These recommendations will allow banks to operate more efficiently and better serve their customers’ investment and retirement needs. 
     “We look forward to working with policymakers to enact these important recommendations going 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.