Academic journal article ABA Banking Journal

Q: Do You Have Dodd-Frank Resources? an Interview with Jim Chessen, ABA Chief Economist

Academic journal article ABA Banking Journal

Q: Do You Have Dodd-Frank Resources? an Interview with Jim Chessen, ABA Chief Economist

Article excerpt

ABABJ: You helped lead the team developing Dodd-Frank and Community Banks: Your Guide to 12 Critical Issues. What was the motivation for this project?

Jim Chessen: Our first objective was to help guide community banks on the issues that will affect them this year. Only 25% of Dodd-Frank is in final form, so there's a lot to watch out for in 2012. We know there are more than 12 issues, but we focused on the 12 most important ones. Second, some in the industry seem to think that community banks were carved out of most provisions of Dodd-Frank and that the impact would be limited. However, it very much has an impact on community banks. The overwhelming take-away for bankers who read the guide is that Dodd-Frank is adding a huge new layer of obligations.

ABABJ: What was your role in putting together the guide?

JC: I got together every expert in ABA working on Dodd-Frank issues and we collectively decided what we thought would be the most useful document for bank CEOs. More than two dozen staff members worked to produce it. Our hope is the guide will get used by CEOs and broadly circulated among their staffs. It's important to note that ABA sent copies of the guide to both member- and nonmember bank CEOs. It's too important not to share with all bankers.

ABABJ: What's the most surprising thing you learned?

JC: There are issues that, at first blush, don't appear to be important to community banks. Even though the CFPB does not directly supervise banks less than $10 billion in assets, for example, it's now widely acknowledged that the bureau will dramatically affect small banks. New swaps rules may not seem to apply either, but it would be a mistake to ignore the impact they will have on small banks.

ABABJ: How did you organize such a complex subject? …

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