From our President
Every Bank Must Be Active in Discussions Tat Lie Ahead
In early March, I predicted I would write this column about Section 1071 of the Dodd- Frank Act. Tat prediction was completely eradicated Friday, March 10, when Silicon Valley Bank was placed into receivership by the Federal Deposit Insurance Corporation. Te weekend that followed was filled with congressional phone calls, pre-opening market turmoil and global uncertainty about the state of the U.S. banking system. Tankfully, as banks across Missouri opened and operated that following Monday, it became clear that worst case scenarios had been avoided. Banks in Missouri demonstrated that decades (and in some cases, more than a century) of strong ties to communities and customers had developed faith in the soundness of our banking institutions. I want to thank every banker
in the state for making that possible.
At the same time, even as the crisis of the moment caused by the Silicon Valley Bank and Signature Bank failures has subsided, we know that reverberations from this event will continue for years to come. Prudential federal regulators are already exploring new capital and liquidity requirements for midsize institutions. Congressional offices are introducing bills, some of which have bipartisan support, to broaden agency powers, enhance supervision and consider new regulatory guidelines.
Because of that, my message to our state and our industry is simple: we must all be active in the discussions that
lie ahead. Tis situation may seem isolated to a particular area of the country or a
Jackson Hataway, President Missouri Bankers Association
Regulation never stays isolated. If regulation or regulatory authority grows in a significant way, it will affect all Missouri banks.
particular type of bank, but we all know that regulation never stays isolated. All banks in Missouri will be affected if regulation or regulatory authority grows in a significant way. We saw that with Dodd-Frank despite arguments to the contrary, and we will doubtless see it again. We need your bank at the table if our industry is to continue thriving.
We also must begin working now to address deposit insurance modernization.
It is clear we all agree that modernization must happen. It will take time before a solution is ultimately reached, and it will require congressional approval. We must ensure that any solution is fair and equitable to all banks. If we allow FDIC to develop the solution or congressional offices to propose solutions
without our input, we will end up with a program that costs a great deal and benefits no one. MBA has launched a Deposit Insurance Modernization Task Force made up of bankers from across the state who represent banks of all asset sizes to help in this effort. I encourage you to engage with us on this topic, even if you are not on the task force. We must take action before the fight is brought to us.
THE MISSOURI BANKER 5
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