ABA Banking Journal - April 2012 - (Page 48)
Do you have Dodd-Frank resources?
An interview with Jim Chessen, ABA chief economist
ABABJ: You helped lead the team developing Dodd-Frank and Community Banks: Your Guide to 12 Critical Issues. What was the motivation for this project? Jim Chessen: Our first objective was to help guide community banks on the issues that will affect them this year. Only 25% of Dodd-Frank is in final form, so there’s a lot to watch out for in 2012. We know there are more than 12 issues, but we focused on the 12 most important ones. Second, some in the industry seem to think that community banks were carved out of most provisions of Dodd-Frank and that the impact would be limited. However, it very much has an impact on community banks. The overwhelming take-away for bankers who read the guide is that DoddFrank is adding a huge new layer of obligations. ABABJ: What was your role in putting together the guide? JC: I got together every expert in ABA working on DoddFrank issues and we collectively decided what we thought would be the most useful document for bank CEOs. More than two dozen staff members worked to produce it. Our hope is the guide will get used by CEOs and broadly circulated among their staffs. It’s important to note that ABA sent copies of the guide to both member- and nonmemberbank CEOs. It’s too important not to share with all bankers. ABABJ: What’s the most surprising thing you learned? JC: There are issues that, at first blush, don’t appear to be important to community banks. Even though the CFPB does not directly supervise banks less than $10 billion in assets, for example, it’s now widely acknowledged that the bureau will dramatically affect small banks. New swaps rules may not seem to apply either, but it would be a mistake to ignore the impact they will have on small banks. ABABJ: How did you organize such a complex subject? JC: ABA staff could literally write a book on any of these issues, but we wrote the guide in a very concise, CEO-briefing style. With each issue, we explain what it is, why it matters, how to get involved, and what to watch out for. It’s not just information, but actionable steps for bankers to take to
48 | ABA BANKING JOURNAL | april 2012
prepare for what’s ahead with Dodd-Frank implementation. ABABJ: The guide encourages contact with ABA experts... JC: The great thing about ABA is the depth of resources and expertise on regulatory issues. Anyone can produce a list of Dodd-Frank provisions that might affect community banks. This is much more than that. It’s about why you should care, specific things you should watch out for, and most importantly who you can call. We also want bankers to tap into our information and resources, including the ABA Dodd-Frank Tracker, which provides up-to-the-minute updates on implementation. Bankers also are encouraged to engage in grassroots advocacy, to connect through our Professional Networking Sites, to use ABA to train and educate their employees, and to look at the products and services provided by ABA’s Corporation for American Banking and Business Solutions. ABABJ: Does the guide link with the Dodd-Frank Tracker? JC: A pdf of the guide can be downloaded there. The DoddFrank Tracker has become the leading industry resource. People in the agencies and media use it. ABA is the first resource for what’s happening with any part of Dodd-Frank and its implementation. Download a copy of “Dodd-Frank and Community Banks:Your Guide to 12 Critical Issues” or use ABA’s Dodd-Frank Tracker at http://www.aba.com/regreform/default.htm.
Table of Contents for the Digital Edition of ABA Banking Journal - April 2012
ABA Banking Journal - April 2012
Young CEOs: Our turn
Pass the Aspirin
What is your appetite for risk?
Top-performing big banks
ABA Banking Journal - April 2012