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Bankers divided over bill

Post by Jordan Schrader / The News Tribune on July 15, 2010 at 12:59 pm with No Comments »
July 15, 2010 2:08 pm

Dino Rossi cites his talks with community bankers when he describes proposed banking regulations as a job killer, while Sen. Patty Murray, who voted to advance the financial bill today on a procedural vote, is touting support for the bill from the president of the Community Bankers of Washington.

It reflects the split between the state’s bank lobbying groups on the bill. A majority of the nearly 100 banks based in Washington belong to the Community Bankers, which supports the bill. A Murray release quotes association president John Collins saying the bill includes “positives” for small banks:

Wall Street reform legislation makes a big distinction between Wall Street Mega Banks and Main Street Community Banks. Within the legislation there are positives for Main Street Community banks including asset-based deposit insurance assessments, regulating non-bank financial competitors, deposit insurance limits increased and extending the deposit insurance coverage on noninterest-bearing transaction accounts and ending too big to fail. These enhancements and others will aid community banks in Washington State to continue to support the communities they serve through small business loans and financial services.

Other Washington-based banks belong to the Washington Bankers Association, which also includes bankers from national institutions like Bank of America. On the association’s website, you’ll find a very different take on the legislation: the group urges its members to contact senators to oppose the bill.

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