Under the Trump administration, the challenge for the industry is to find the proper balance between supporting post-financial crisis regulations that have worked well and campaigning for reform efforts that have been ineffective.
Critics of Dodd-Frank argue that post-crisis regulations put a damper on lending. But loan growth at regional and community banks has "actually been very strong," says Joo-Yung Lee, head of North American financial institutions at Fitch Ratings.
A vote on a House plan to replace the Dodd-Frank Act may not happen as quickly as originally expected due to limited floor time and other legislative priorities, such as health care reform, that are likely to take precedent.
In President Trump’s first joint address to Congress, he listed several top priorities, including repealing Obamacare and enacting tax reform, but made no mention of reforming the Dodd-Frank Act.
Lawmakers voiced bipartisan support for regulatory relief during the Credit Union National Association government affairs conference on Tuesday, arguing that small financial institutions have had to bear the brunt of too many regulations.
As banking leaders gain a more substantial policymaking role, they will have a greater impact if they stake out a clear position in favor of regulations that protect investors and depositors.
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The trade group's "candidate school" will teach members about campaign fundraising and other political basics, in an effort to boost the number of elected officials who understand banking.
Any amendments to the current regulatory framework must preserve banking regulation and supervision’s vital role in the proper functioning of our economy.
The new group, which will work alongside the bank’s lobbyists and focus on policy at U.S. and overseas regulators, is being run by Kevin Bailey, an alum of the OCC and GE Capital.
