ABA Banking Journal - August 2014 - (Page 4)

ABA chairman's view BY JEFF PLAGGE Determined, not defeated O "BANKERS UNDERSTAND THE IMPORTANCE of staying engaged, being positive, and remaining relevant" JEFF PLAGGE President and CEO, Northwest Financial Corp., Arnolds Park, Iowa 4| ABA BANKING JOURNAL | AUGUST 2014 ne privilege of being ABA chairman is the opportunity to talk with thousands of bankers at ABA and state association meetings. It gives me a chance to tell bankers what ABA is working on and get their input, and to ask for their support in reaching out to members of Congress. It's also an opportunity for me to hear from the bankers about what is happening in their banks and their communities, and how public policy made in Washington, D.C., directly affects them. Let me share with you some of what I've been hearing. I'm confident you'll recognize the issues. * The top issue I hear about is mission creep by credit unions and the Farm Credit System, along with their tax subsidies. Members appreciate ABA's efforts to call Congress' attention to both of these problems. And they want the public to know that both credit unions and the FCS have deliberately drifted too far from their original missions. * Everyone is feeling the impact of the new mortgage rules. The new requirements on mortgage servicing rights are having a negative impact on consumers, and are forcing banks out of the mortgage servicing business. I think it is part of the reason we are seeing a slower than expected recovery in the housing sector. * The Basel III capital buffer rules are hurting Subchapter S banks. * The sheer volume of new rules and regulations are affecting day-to-day bank operations. They are virtually impossible to implement at almost all banks-particularly at community banks. * Our members appreciate the progress that ABA-in partnership with our state bankers associations-has made on issues such as the Volcker Rule's treatment of collateralized debt obligations and trust preferred securities, flood insurance, and Basel III relief for community banks. And they welcome the bills in the House of Representatives that would provide regulatory relief. They know we've captured Congress' attention, and while they understand that gridlock permeates Congress, bills have also been introduced to address the patent-troll issue and provide for a federal mutual bank charter. Bankers do more than just talk about the challenges they face. They listen. Here are the messages that are really resonating with our members and others: * Focus on those things that unite us-issues on which 80% of the bankers agree-such as refinements to the DoddFrank Act, changes to the mortgage rules, an end to the credit union and FCS tax subsidies, and community bank regulatory relief. Unity is the key to progress. * The payments system is vitally important to our industry and to the safety and security of our customers' transactions. We must be fully engaged on this issue. * It's time to get back to the business of banking. Bankers understand the importance of staying engaged, being positive about our industry, and remaining relevant to meet our customers' changing needs. Meeting with our bankers is the best way to take the measure of our industry. Despite the obstacles, bankers are determined, not defeated. They are dedicated to serving their customers and their communities. While they face many challenges, they are up to those challenges. They welcome ABA's work on their behalf, and show their support through thousands of messages they send to Congress on key banking issues.

Table of Contents for the Digital Edition of ABA Banking Journal - August 2014

Chairman's View
Editor's Column
The Economy
Bank Notes
Picture This
Community Banking
Why HCE could be a big payment plus for banks
Rethinking the branch experience
Social media success not all about "followers"
Compliance Clinic
Around the ABA
Legal Issues
First Person

ABA Banking Journal - August 2014

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