Tanks to the strength of our financial system, there is reason to be hopeful for the economic recovery. In fact, the top economists at some of the nation’s largest banks who serve on ABA’s Economic Advisory Committee agree that we could see growth topping 4% in 2021. We must, of course, temper that expectation with the knowledge that the recovery will likely be uneven and that labor markets could lag behind overall growth, given the massive job losses that occurred. Tat’s why, going forward, our advocacy for pro-growth policies will be more important than ever.
Te digital revolution has been rapidly accelerated. Banks were already well on their way toward digital transformation before
COVID-19. But, the pandemic provided a push to bank customers who may not have fully embraced digital banking to do so in earnest. Tat will accelerate the digital transition even further and will surely lead to efficiencies for banks down the road. Te robust digital banking landscape also bodes well for financial inclusion — the ability to remotely access banking services will enable a broader set of customers to take advantage of the full panoply of financial tools and resources at their fingertips.
Te relationships with our state associations are critical. From the earliest days of the pandemic, state associations played an instrumental role in analyzing and disseminating
information that bankers needed to make PPP loans, facilitate economic impact payments and continue operating amid constantly changing health and safety guidelines.
With the help of our State Association Alliance partners, we delivered free resources to ABA members and nonmembers alike — including 33 free webinars, operational aids, crisis communications toolkits, scientific analyses and more — recognizing the importance of helping all banks weather the crisis.
Trough weekly calls, and sometimes daily calls, there was a continuous flow of information and feedback between ABA in Washington and all 50 states.
Tis collaboration was vital as policymakers worked to calibrate and re-calibrate rules and regulations implementing the first CARES Act. I have no doubt that this engagement will continue now that a second stimulus has been passed and a third package could soon follow.
Tese are just a few takeaways from this historic period. In the years ahead, I’m sure there will be even more robust lookbacks and more lessons that can be extrapolated from the coronavirus crisis. And the result of all that learning, I hope, will only serve to make us stronger, safer and even more prepared for the future.
Email Rob Nichols at
nichols@aba.com.
THE MISSOURI BANKER 7
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32
