I have been in the banking industry since 1979, and on March 22, 2018 I received a copy of something that I never thought I would see that made me say out loud, “It’s about time!”
It was a letter to Members of the Illinois Congressional Delegation. The content of that letter was to express strong support for bill S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act. What surprised me was that it was signed by the presidents and CEOs of 4 financial trade associations, comprised of both banks and credit unions.
It was like reading that the Hatfield’s and McCoy’s had sat down to Thanksgiving Dinner. Maybe I am over simplifying things, but I say again, “It’s about time!”
Banking is a business activity of accepting deposits and making loans. These transactions produce profits. The profits are then returned to members or distributed to shareholders.
Whether bank or credit union, each organization has the same goal: to provide the best products and services it can to the community it serves. Competition, style and philosophy are just some of the wonderful differences that make this business exciting. The common thread here, community.
This bipartisan support for the basic ideals behind community banking is nothing like I have seen before. As it states in the letter, “It will open doors for more creditworthy borrowers and businesses, and it will contribute to local economic growth and job creation nationwide.”
The ability to managing growth and earnings in the presence of change is always a difficult challenge. We know it can be additionally frustrating without the adequate tools and resources and the regulatory relief needed to execute such change. Communities deserve to have successful local financial institutions, like yours, that can best serve their needs. We at Plansmith will continue to support all community financial institutions through our products and services, as well as your affiliated trade associations through our direct participation.