From our Chairman
Bankers Must Push Back, Take
John Everett, MBA Chairman Legacy Bank and Trust, Springfield
My morning routine before heading off to the bank consists of enjoying a steaming cup of coffee while scanning emails and the latest headlines on my phone. With the return of baseball, I’m checking the latest news about the St. Louis Cardinals. Like a kid at Christmas, I’m excited for the new season and wonder how many games I can catch to see the last hurrah of Yadi, Waino and Albert this season.
As I shiſt to business and national news, my mood turns sour when I see another headline slamming the banking industry. So much for starting the day on a good note.
Like each of you, I’m tired of seeing our industry that helps so many in our communities get hit again and again, and it seems there’s no end in
sight. In these last few weeks, we’ve seen articles like these.
• “Consumer Watchdog Wants Repeat Offender Banks Stripped of Licenses,” Te New York Times, 3/28/22
Consumer Financial Protection Bureau Director Rohit Chopra wants financial institutions that break the same law multiple times to face harsh penalties. He said “his fellow regulators should be willing to revoke some of the operating licenses and special government privileges of repeat offenders, consequences that could force the companies to quickly sell off some of their businesses if they lost permission to operate them.”
• “Overdraſt fees can price people out of banking,” CFPB Blog Post, 3/30/22
Te blog post primarily cited consumer complaints about overdraſt fees and flagged several themes, including the high costs and frequency of overdraſt fees. In closing, the CFPB stated “All Americans deserve a safe and affordable place to keep and manage their money, without fearing that their funds will be depleted through overdraſt and other junk fees. In the coming months, the CFPB will continue to explore the range of our tools to tackle these and other financial practices that penalize customers and erode trust.”
Really? Banks “erode trust?” It wasn’t that long ago that bankers across this country
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