OFFICIAL PUBLICATION OF THE NEBRASKA BANKERS ASSOCIATION

Pub. 19 2024-2025 Issue 3

President’s Message: Staying Engaged in the Political Process

The holidays of 2024 are in the rearview mirror, and our collective attention has shifted toward changes occurring in both the banking and political arenas. As we know all too well, political decisions made at the state and federal levels can have a profound impact on our industry and our ability to serve our customers effectively. Regardless of your preferred candidates or political philosophy, staying engaged in the political process remains vital.

Let me begin at the state level by congratulating long-time NBA General Counsel Bob Hallstrom on his election to represent District 1 in the Nebraska Legislature. Bob, his family and his supporters gave an extraordinary effort throughout his campaign. I know he will bring the same dedication and commitment to serving the citizens of Nebraska as an elected official.

During the 109th Legislature, Bob will serve as the vice chairperson of the Banking, Commerce and Insurance Committee and will also be a member of the Judiciary Committee. 

Bob’s connection to the NBA dates back more than 42 years, starting when he joined the law firm contracted by the NBA to provide legal and government relations services. In 2000, following the passing of Bill Brandt, the firm’s principal and NBA general counsel, Bob stepped into that role. He served in that capacity until he began his campaign for legislature, when Ryan McIntosh was elevated to the position. During his time with the NBA, Bob was instrumental in the drafting and passage of hundreds of legislative bills benefiting the banking sector. Equally as important, Bob’s deep knowledge and strong personal relationships allowed him to stop or mitigate anti-banking legislation on multiple occasions.

Bob’s transition from lobbyist to legislator is unprecedented and marks a new chapter for the NBA. To that end, the NBA has restructured its approach to lobbying and government relations to limit any real or perceived conflicts of interest.

For more than 60 years, the NBA has contracted with Brandt, Horan, Hallstrom & Stilmock law firm and its predecessors for lobbying, legal and compliance services. The current partners are Bob, Ryan and NBA Associate General Counsel Jerry Stilmock. To ensure a clear, thick wall between the NBA’s government relations efforts and Bob’s new role as a lawmaker, the NBA recently restructured its contract with the firm. The firm will continue to provide legal services for the NBA and compliance services for our members.

Meanwhile, Stilmock McIntosh Government Relations — a new entity formed by Jerry and Ryan — will take over the association’s lobbying and government relations work. This arrangement ensures that Bob can continue assisting members with compliance questions while remaining uninvolved in government relations activities.

Thank you to everyone involved for effectively navigating this process. I am confident this new arrangement provides the best possible lobbying, legal and compliance services for the NBA and our members.

Nebraska is also fortunate to have two bankers serving in the Unicameral. Sen. Rob Clements, American Exchange Bank in Elmwood, was re-elected by his peers as chair of the Legislature’s powerful Appropriations Committee. Sen. Mike Jacobson of NebraskaLand Bank in North Platte was elected to serve as chair of the Banking, Commerce and Insurance Committee. The NBA is grateful for the knowledge, commitment, leadership and sacrifices these elected leaders provide our state.

Turning to the federal level, President Trump moved quickly to assemble a team of cabinet leaders and staff focused on helping to carry out the vision for his “America First” agenda. We anticipate significant shifts in leadership and policy at all of the banking regulators. The Consumer Financial Protection Bureau, the Office of the Comptroller of Currency and the Federal Deposit Insurance Corporation will all have new leaders. However, immediate changes at the Federal Reserve remain somewhat unclear due to the lack of current openings on the Federal Reserve Board of Governors. The NBA has submitted letters to the new Treasury Secretary as well as to members within the Presidential administration to encourage the appointment of current Federal Reserve Gov. Miki Bowman to the role of vice chair for supervision at the Federal Reserve.

These transitions at the regulatory agencies open the door to the review or repeal of the rules and regulations proposed or adopted in recent years. Legal challenges to many of these regulations add another layer of complexity. The NBA staff will work diligently to stay on top of these changes and will keep members informed through email updates, the weekly NBA Update newsletter, member virtual updates, social media posts and other channels.

With these anticipated federal changes, it’s important for bankers to be proactive about the future of our industry. We encourage you to join the NBA at the ABA Washington Summit on April 7-9 in Washington, D.C. This event provides an opportunity to meet with members of the Nebraska congressional delegation, share insights on the challenges facing our industry and advocate for policies that support the banking industry. 

NBA members and staff with Sen. Pete Ricketts during last year’s visit to Washington, D.C. We want to bring an even larger group of bankers this year to continue strengthening our voice on Capitol Hill.

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