Florida Banking November 2022

CHAIR’S MESSAGE

WHAT I TOLD THE WHITE HOUSE ABOUT YOU, OUR BANKERS

BY BILL PENNEY, FBA CHAIR

Y ou all have entrusted me with this incredible honor of representing you and our banking industry at important meetings and events. Please understand that I take this responsibility very seriously. In September, I attended the FBA’s 18th annual joint Washington, D.C., fly-in with the California Bankers Association. We met with representatives and key policymakers to discuss banking issues like the Section

hyper-competitive environment, as consumers have a substantial number of financial choices, both inside and outside of the banking industry. As bankers, we work hard every day to help Americans make their dreams come true by: • Financing that first car. • Financing the first home. (I still remember how excited my wife, Karen, and I were to learn we were approved for our first home loan!)

1071 rulemaking, cannabis banking, digital assets, CRA modernization, and credit unions (among other topics). We were invited to meet with Deputy EconomicAdvisor Bharat Ramamurti for aWhite House briefing.While we know that the current Administration has not been overly friendly to banking and business interests, we believe it is still necessary to be at the table.

• Financing a bus iness e x p a n s i o n t o h e l p entrepreneurs create new jobs and grow our economy. I then ventured into forbidden territory by describing how we work with our customers to pay an overdraft in a difficult week when they run short of cash. However, we then offer to help them establish a savings account and a savings plan and go on to teach financial literacy. My colleagues have the heart of a servant, and our best reward is helping our customers achieve financial success.

I had the privilege of introducing Mr. Ramamurti to the group, which was easy: He is a Harvard undergraduate, received a law degree from Yale, did a stint in the legal department at the Boston Red Sox (he has a World Series ring!) and then moved into roles with Sen. Elizabeth Warren and now President Biden’s White House. Very impressive! I would argue that our group of Florida and California bankers, however,was equally as impressive. I felt obligated to introduce our talented bankers to Mr. Ramamurti. So what did I tell the White House about you, our bankers? I said that sometimes our bankers are painted with an ugly brush as monopolists, “robber barons,” even greedy. I assured him that we operate in a

I introduced our group, and Mr. Ramamurti smiled. I’d like to believe that my message may have helped improve our reputation in theWhite House. Even if it doesn’t, it was a message that needed to be shared. Why did I make these statements? Because they are true! You all make our industry proud every day. Keep your head up, be proud of your efforts, and continue to do what you’re doing. I’m proud to say I’m a banker. I hope you are too! Now, even theWhite House knows all about the good work you do for your colleagues, your customers, and your communities.

FBA Chair Bill Penney with Deputy Economic Advisor Bharat Ramamurti at the White House.

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