Numerous financial trade organizations issued statements welcoming Donald Trump back to the White House for a second term. Industry leaders urged the new administration to strongly consider a host of reforms aimed at benefitting financial institutions and their agendas.
Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit congratulated Trump and Vice President J.D. Vance on behalf of the country’s mortgage bankers and said his organization is looking forward to working with the new administration and Congress on “policies and initiatives that generate economic growth and make the housing market work better for our nation’s homeowners and renters.”
“President Trump campaigned on lowering costs for Americans, and we appreciate housing supply and affordability being included in an executive order on this issue,” Broeksmit said in a statement. “We support efforts to cut unnecessary regulatory red tape and to pursue federal housing program enhancements that make renting and homeownership more attainable and sustainable. This includes our strong belief that the Federal Housing Administration (FHA) should eliminate its life of loan premium requirement and strongly consider a reasonable reduction to FHA mortgage insurance premium levels to reduce housing costs for low- to moderate-income Americans.”
Consumer Bankers Association (CBA) President and CEO Lindsey Johnson released a statement urging the newly installed administration to consider policy proposals outlined in the trade organization’s “Building on the Vision for America” policy agenda.
“On behalf of America’s leading retail banks, we congratulate President Donald J. Trump and Vice President JD Vance on their inauguration,” Johnson said. “We look forward to working with the Trump administration and 119th Congress to advocate for facts-based, data-driven financial regulatory policies that will empower Main Street to drive the economy forward, support small businesses, and help more consumers than ever achieve their American dream.”
The CBA policy agenda consists of a white paper describing the retail banking industry’s priorities, beliefs, and positions on various consumer-focused financial services policy issues. It recommended data-driven solutions aimed at creating an environment where all Americans can have access to financial services, can have a healthy financial foundation, and can benefit from a highly competitive and well-regulated financial services industry, where banks and non-banks compete equally.
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey emphasized the impact community banks have on the people they serve.
“ICBA and the nation’s community banks welcome President Donald Trump and look forward to working with the new president, his administration and the 119th Congress during this historic opportunity to make significant improvements to financial services policy,” Romero Rainey said. “ICBA and community banks across the nation are committed to advancing policies to benefit local communities, which is why our industry has a well-deserved reputation on both sides of the aisle for advancing pragmatic solutions to support localized economic growth.”
She stated that “excessively burdensome banking regulations” make it difficult for some people to access to financial services and pointed to comprehensive reforms detailed in ICBA’s “Repair, Reform, and Thrive” plan and its recent open letter to the 119th Congress as examples of potential solutions. Additionally, she asserted these policy proposals would help build on regulatory relief efforts started during the first Trump administration, such as the passage and signing of the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155).
American Bankers Association President and CEO Rob Nichols also used his statement welcoming the new presidential administration as an opportunity to highlight his organization’s priorities.
“America’s banks stand ready to work with the Trump-Vance administration to advance policies that promote a healthy economy for all, pursue rational regulation that preserves Main Street access to capital and credit, and foster a competitive financial services marketplace,” Nichols said. “Our Blueprint for Growth provides a roadmap for the new administration and Congress to follow that will help drive economic growth and allow the customers and communities we serve to thrive.”
America’s Credit Unions President and CEO Jim Nussle outlined his organization’s policy priorities in a formal letter to the new president, noting his support for maintaining the current tax-exempt status for credit unions.
“As you are aware, not-for-profit credit unions have been statutorily exempt from corporate taxes since 1934 even though they pay many other taxes, including payroll and property taxes,” Nussle wrote. “Credit unions pass along the benefit of this corporate tax exemption to their members and millions of Americans who use their financial services in the form of provident credit and favorable rates on savings. Numerous studies over the years have shown that the value of the credit union tax exemption to consumers far outweighs any revenue the government would collect from taxing
credit unions.”