Pub. 5 2010-2011

www.nebankers.org 8 Extraordinary Service for Extraordinary Members. T HE LAW DOES CONTAIN SOME needed industry-backed re- forms, including the creation of a systemic oversight body, a process for resolving large bank- ing institutions and addressing the Too-Big-to-Fail concept, and provi- sions designed to rein in the shadow banking system. However, it is also loaded with massive new regulatory requirements and social engineering, including placing the federal govern- ment in a price-fixing role under the Durbin interchange amendment (an issue that had nothing to do with regu- latory reform). Our advocacy work must and will continue. We’re going to need your support. If you’re one of the thousands of community bankers who became po- litically active during this battle, please remain engaged going forward. Your comment letters to the regulators will be critical in ensuring that the indus- try’s perspectives are heard and that the regulators have the information they need to make the regulatory process as effective and efficient as possible. On Capitol Hill, we will continue to push back against the burdens that are being placed upon your banks. Please know that you’re not alone as you work to comply with the new law. We will be supporting you with resources and information to help you deal with the new law. We’ve already set up a special online Regulatory Reform Center at www. aba.com/regreform. This one-stop shop will be regularly updated to help you navigate the enormous rewrite of financial regulations—5,000 pages of new regulations is our conservative es- timate. You will find a comprehensive summary of the act on the ABA’s online Regulatory Reform Center, along with charts showing rulemaking dates and effective dates. Within two days after the President signed the Dodd-Frank bill into law, we hosted the first two of a series of telebriefings on the law’s implications— “How Financial Regulatory Reform LegislationWill Impact Banks”—for our members. These two initial telebriefings provided an overview of how the law affects safety and soundness regulation and consumer requirements. We havemuchwork still to do—ana- lyzing and commenting on the regula- tions and promoting new legislation to address problems in the bill. But know this: ABA is here for you. Along with your state association, we are here to help you cope with Dodd- Frank. We will help you find what you need to know, and help you figure out what you have to do and when you have to do it. We’re ready to help you. Our alliance with state bankers associations, which has grown strong and stood tall during the Dodd-Frank legislation’s journey through Congress, will be as important as ever. We have a meeting set up with all the states to plan for a comprehensive program to address the new legislation and its fallout. On the agenda are: the coming regulations; the industry’s public image and what we should do to rebuild it after all of the misleading press cover- age of recent months; the November elections and what we should do to help elect people who understand our industry; and priority areas for changes in the new law. Your state association and ABA will keep fighting. Please join us. Z Washington Update The Next Chapter Edward L. Yingling , President & CEO, American Bankers Association The President’s signing of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 closes a chapter on financial regulatory reform. There are, however, more chapters to be written as the law is implemented and as we advocate for fixes in the next Congress and beyond. visit us online! www.nebankers.org Reach Ed Yingling by e-mail at ed.yingling@aba.com.