Banking Trades Statement on Updated Clarity Act - Bank Policy Institute
Washington, D. C. —Following today’s release of an updated version of the Digital Asset Market Clarity Act, the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial. . .
Washington, D. C. —Following today’s release of an updated version of the Digital Asset Market Clarity Act, the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum, Independent Community Bankers of America and National Bankers Association issued the following joint statement:“The banking industry strongly supports establishing clear and rational rules of the road for digital assets, so consumers, the financial system and the economy are protected. Unfortunately, the latest version of the Digital Asset Market Clarity Act released today in the Senate still puts at risk the local lending that drives economic activity in the U. S. ”“We are encouraged by the constructive conversations we are having with senators who share our concerns. We appreciate their willingness to consider targeted changes that would strengthen the prohibition on interest-like payments for holding stablecoins, which will siphon away the bank deposits that fuel small business, mortgage and farm loans in communities across the country. Our good faith efforts to strengthen the Clarity Act will continue. ”###About Bank Policy InstituteThe Bank Policy Institute is a nonpartisan public policy, research and advocacy group that represents universal banks, regional banks and the major foreign banks doing business in the United States. The Institute produces academic research and analysis on regulatory and monetary policy topics, analyzes and comments on proposed regulations, and represents the financial services industry with respect to cybersecurity, fraud and other information security issues. About the American Bankers AssociationThe American Bankers Association is the voice of the nation’s $26. 1 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $20. 5 trillion in deposits and extend $13. 7 trillion in loans. About Consumer Bankers AssociationThe Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1. 7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on X @consumerbankers. About Financial Services ForumThe Financial Services Forum is an economic policy and advocacy organization whose members are the eight largest and most diversified financial institutions headquartered in the United States. Forum member institutions are a leading source of lending and investment in the United States and serve millions of consumers, businesses, investors, and communities throughout the country. The Forum promotes policies that support savings and investment, financial inclusion, deep and liquid capital markets, a competitive global marketplace, and a sound financial system. About the Independent Community Bankers of AmericaThe Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation. As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website aticba. org. About National Bankers AssociationFounded in 1927, the National Bankers Association (NBA) is the premier trade association representing the nation’s mission-driven banks. NBA’s mission is to strengthen mission-driven banks through advocacy, research, partnerships, and innovation, ensuring that financial services are accessible, affordable, and inclusive for all. For more information visitnationalbankers. org. Media ContactSam FabensBank Policy Institutesam. fabens@bpi. comSarah GranoAmerican Bankers Associationsgrano@aba. comWeston LoydConsumer Bankers Associationwloyd@consumerbankers. comSarah KnakmuhsFinancial Services Forumsknakmuhs@fsforum. comNicole SwannIndependent Community Bankers of Americanicole. swann@icba. orgMolly MoranNational Bankers Associationmmoran@nationalbankers. org