In 2021, the American Bankers Association’s Regulatory Compliance Conference (RCC) is being delivered virtually. The conference was kicked off by a general session delivered by ABA president and CEO, Rob Nichols. The theme of the session was one of reflection for the impact that COVID-19 has had on not only the banking industry, but the country as a whole. Nichols provided a pat on the back to bankers for their excellent performance in the midst of the pandemic. According to the Small Business Administration, by the end of May, banks had extended Payment Protection Program loans in excess of $700 Billion. They were responsible for 75% of all PPP loans and positively impacted some 87 million jobs. Banks also provided 4.3 million forbearances during the pandemic. The ABA lauded bankers for their tremendous flexibility in these trying times. The pandemic discussion also included a short video that featured customers explaining how your hard work had helped them get through the financial struggles spurred on by the pandemic.
Nichols also expressed that the ABA expects that the CFPB will return to regulation by enforcement. They also expect a ramp up on rulemaking and many rules are expected to be looked at for revision. Among the topics expected to be up for revisions were the Qualified Mortgage final rule, collection rules and the small dollar lending rule. They also mentioned that there would likely be further regulation on overdrafts and a renewed interest in UDAAP. The renewed demand for equality in the country has also extended into banking. The ABA’s “Bank On” initiative was briefly showcased in the presentation. The initiative is designed to provide those who remain outside the banking system access to a simple transaction account. More information on Bank On can be found on the ABA’s website.
The session wrapped up with the announcement of the 2021 ABA Distinguished Service Award for Compliance. Maureen Carollo, CRCM, CAMS, Director of Compliance at Great Plains National Bank was announced as the winner by Wendy Fleishman. Compliance Resource would like to join the rest of the banking compliance industry in congratulating Maureen on her wonderful achievement.
We will be offering more coverage of the ABA RCC in the coming days (and weeks) as we review all sessions available.