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Wednesday, December 16, 2015

Nichols: ABA ‘Profoundly Disappointed’ in Lack of Reg Relief in Spending Bill

ABA’s Rob Nichols this morning expressed the disappointment and frustration of the banking industry that Congress failed to include meaningful regulatory relief in the negotiated 2016 spending bill that was unveiled overnight. The House is expected to vote on the spending bill as soon as Thursday, with the Senate acting soon after.

“We’re profoundly disappointed that lawmakers were unable to enact common-sense reforms in this session of Congress that would help America’s hometown banks better serve their clients, customers and communities and make the loans that drive our economy forward,” Nichols said. “Failing to pass needed regulatory relief while forcing banks to pay for roads and bridges is unconscionable and comes with very real costs for both hometown banks and the broader economy.”

The disappointment comes after an all-out grassroots effort by bankers, ABA and the state bankers associations to see reg relief passed this year. “Despite this lost opportunity, this has been and will remain a top priority for ABA and our members,” Nichols remarked. “Helping our economy grow should not be caught up in partisan disagreements or congressional gridlock and dysfunction.” Nichols will explain next steps in an email to bank CEOs later this morning.