Pub. 15 2018 Issue 4

8 O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G N E W M E X I C O R E A L I Z E D R E A M S While ABA is not weighing in on the societal, cultural or moral aspects of this issue, we do want legal protections for banks providing services in states where cannabis is legal. WASHINGTON UPDATE ROB NICHOLS, PRESIDENT AND CEO American Bankers Association 2019: Different Approach, Same Agenda S ignificant progress at the regulato- ry agencies as well as the passage and implementation of long-sought bipartisan regulatory reform made 2018 a breakthrough year in many ways. The new year brings fresh challenges, including how to maintain momentum for policy improvements in the face of a newly divided Congress. But as I have said on many occasions, the fundamental business of banking — from the deployment of credit to the building of communities — does not belong to one party. Banking issues can and should be biparti- san. So while our tactics might change with the new dynamic in Washington, our agenda hasn’t, and won’t. ABA will actively advocate on a range of policy issues in 2019, including additional regulatory reforms that didn’t make it into S. 2155, such as exam-fairness provisions that would establish deadlines for banking agencies to issue exam reports and create an independent examination review and appeal process. Other topics we think are ripe for bipartisan action include: Bank Secrecy Act Reform There is growing consensus that now is the time to update the compliance structure sur- rounding the nation’s anti-money laundering rules, which has not changed since 1970. We will be working to build bipartisan support for BSA/AML reform, including updated Suspi- cious Activity Report and Currency Transaction Report thresholds, further modifications to customer due-diligence rules and better commu- nication between banks and law enforcement. Cannabis Banking As cannabis is now legal in some form in 33 states, the growth in dispensaries as well