August Recess Lends Itself to Grassroots Activity by Ava F. Roberts VP/Director of Government Relations
Bankers across the state took the opportunity of August recess to sit-down with their Congressman or Senator for thoughtful discussion regarding the state of the federal regulatory impact on Arkansas banks and the customer experience. One such opportunity presented itself on August 21 at a Round Table with Senator Tom Cotton and Acting Comptroller of the Currency Keith Noreika. Both shared the common goal of having a fruitful and open dialogue with Arkansas bankers about the impact of federal regulations. The Comptroller wanted no spare time during his trip to Arkansas, so ABA’s Government Relations team worked hard to accommodate. Our Monday morning started with breakfast at the Capital Hotel. Seven bankers, all OCC banks, sat down at the table ready to work. Our discussion ranged from the tenure of CFPB’s Director to many vivid and detailed customer impact stories. Both the Senator and Comptroller asked thoughtful questions regarding these stories that ranged from customers texting a banker to ask why he has to send all of this information just to qualify for a loan, to making a small home loan work for a church member. The Senator and Comptroller were particularly intrigued when one banker explained we cannot make the same loans we have in the past because we fear regulatory repercussions. Hearing these anecdotes one-on-one from constituents is invaluable to Washington decision-makers. Later that morning, the Round Table took place at the Robinson Center. The room was filled with over forty attendees, ranging from OCC banks to state banks, and representatives from the Venture Center to community business people. We immediately opened the floor for questions and the next two hours was
Representatives from the Small Business Administration chat with Acting Comptroller of the Currency Keith Noreika and Senator Tom Cotton before the Round Table.
filed with animated dialogue and airing of issues that need immediate attention from Washington. Wasting no time, one banker took the floor to ask what are we doing now to actually make changes to overburdensome regulations? Comptroller Noreika said we should get more change when there is a new CFPB Director appointed, while Senator Cotton reminded us that they still have to finish making appointments, noting Congress was starting to move in that regard. Conversation followed regarding the CHOICE Act, which Noreika referenced as setting the tone in D.C. as a sort of to-do list that motivates agencies to do something. However, Cotton reminded us that the CHOICE Act will be difficult to get through as is, even though it has good parts with bi-partisan support. He explained that political pressure due to the coming elections may lend pressure to movement.
Special thanks to those of you who joined our early morning breakfast meeting with Comptroller Noreika and Senator Cotton. The stories you shared and the discussion you facilitated certainly impacted our guests. 8
The Arkansas Banker | September 2017
Regulatory thresholds force banks to make decisions about growth by having to grow just to pay for compliance matters, one banker explained. The conversation then pivoted to marijuana banking. With both the Senator and Comptroller at a loss for
Dwight Rutland, President of Armor Bank, Forrest City; and Larry Wilson, Chairman & CEO of First Arkansas Bank & Trust, Jacksonville.
