This month’s Unbiased Banker focuses on budgeting points with a particular emphasis on the ICBA Nationwide Neighborhood Financial institution Service Awards. With that two-pronged focus, I can’t assist however think about the connection between our function of service and the influence regulation can have on our very skill to serve.
Inherent to our enterprise mannequin is a ardour to help our communities, one that enables for flexibility to satisfy the person wants of our prospects. On the opposite finish of the spectrum, rigidity is intrinsic to regulation. That pressurized relationship continually wants calibration to make sure that our prospects and communities stay the precedence, and regulators and legislators want to know that regulatory constraints typically restrict a group financial institution’s skill to help its prospects.
For instance, there’s rather a lot being mentioned concerning the overdraft guidelines, how they’ll get written and what impact they’ll have on the communities we help. Overdraft is a service we offer to our prospects—one that’s clearly disclosed and articulated—and our prospects select to derive worth from it. Overzealous regulation will restrict a product particularly designed to guard their pursuits.
Doing what’s proper for our prospects stays our chief precedence and our tenet, and there’s definitely a lot we will do exterior of our banking providers to make that occur.
Neighborhood banks stand out in at the moment’s monetary providers area as a result of our enterprise mannequin depends upon an ecosystem the place the financial institution solely advantages when prospects do.
Simply have a look at this 12 months’s Nationwide Neighborhood Financial institution Service Award recipients. American Financial savings Financial institution in Honolulu runs the Kahiau Giving Marketing campaign to profit native nonprofits. First Neighborhood Financial institution of the Heartland in Clinton, Ky., began its Make a Distinction Program with the purpose of supporting foster kids and has expanded it to not solely improve that imaginative and prescient but additionally to include an added group service focus every month.
The place I’ll be this month
I’ll be attending the Neighborhood Bankers of Georgia Annual Conference and persevering with to advocate for group banks right here in Washington, D.C.
These honorees exemplify the spirit of group banking, one which we feature with us in our on a regular basis actions on behalf of our communities.
Neighborhood banks stand out in at the moment’s monetary providers area as a result of our enterprise mannequin depends upon an ecosystem the place the financial institution solely advantages when prospects do. That’s why ICBA focuses a lot of our work on telling these tales to legislators and regulators, ensuring they perceive how group banks present up for his or her communities. They should see that we deal with these we serve.
That’s why I can say with confidence that regardless of the regulatory pressures that come to bear, we are going to proceed to thrive. And since we lead with a spirit of service and a give attention to doing the precise factor by our prospects, our communities will flourish as effectively.
Rebeca Romero Rainey
President and CEO, ICBA
Join with Rebeca @romerorainey