Regulatory Burden: Community banks across the country have long struggled to keep up with ever-increasing regulatory compliance and examiner demands.. Recently, policymakers have demonstrated sensitivity to community banks’ regulatory burden and have attempted to minimize the negative impact of new rules.

NBA believes that policymakers must move away from one-size-fits-all regulation to tailored regulation that corresponds to a bank’s charter, business model, geography and risk profile. This policymaking approach avoids the negative economic consequences of burdensome, unsuitable and inefficient bank regulation. Easing regulatory burden is a priority for many during the 115th Congress.  A number of proposals have been introduced to address financial regulatory burden.  NBA will be closely watching this debate and adding its voice to the cause of meaningful regulatory relief.

Credit Unions continue to grow to be indistinguishable from banks, and promote themselves as banks to consumers, yet still enjoy an exemption from any type of income tax. The credit union tax exemption is no longer justified, especially on the largest multi-state institutions that spend millions on sport arena naming rights instead of returning those dollars to their members or being required to invest in CRA initiatives. Credit unions have drifted from their original mission, and have outgrown their special tax-exempt status. Taxpayers can no longer afford to continue subsidizing the credit union industry. The goal is to have these large, aggressive credit unions return to their original mission or become subject to the same regulatory, supervisory and tax requirements as banks.

Data Breaches: Recent high-profile retailer data breaches have reignited the long-running debate over consumer data security policy. Policy issues include what security and breach notification standards should apply to businesses and who should be responsible for covering costs of fraud that results from breaches. NBA believes Congress should pass data security legislation that holds retailers and others to high, uniform, nationwide standards for safeguarding sensitive customer information. Banks have had such an obligation to protect their customer's sensitive financial information for years. NBA also is advocating that those responsible for data breaches should be responsible for their costs.

Banking MRE: In light of the legalization of medical and recreational marijuana in Nevada, the issue of marijuana related businesses accessing banking services is a growing concern in our state. Currently, there are barriers in federal law that effectively prevent the vast majority of banks from serving marijuana related businesses.  Cash-only businesses pose a risk to public safety and create challenges ranging from processing customer payments to record keeping to tax collection. To remove barriers and repair disconnects between federal and state law, Congress must take action. This is the only way to provide for more banking options for marijuana related businesses.