And Then There's the Business of Banking. (Chairman's Position)

By Patterson, Aubrey B. | ABA Banking Journal, July 2003 | Go to article overview

And Then There's the Business of Banking. (Chairman's Position)


Patterson, Aubrey B., ABA Banking Journal


BANKERS BELONG TO ABA BECAUSE they want effective national leadership--and representation in Washington--on the major issues of the day. No one argues that fighting for effective legislation in Washington and lightening the regulatory burden for banks are what ABA should be about. These are critically important tasks. Our members rightly expect their national association to take the lead. And ABA does that.

But helping on the business side of banking is also very much a role ABA plays for our members. It's not enough to win good legislation. ABA, through its Corporation for American Banking subsidiary, looks for partners and programs that can help our member institutions be more profitable and compete more effectively. ABA and CAB-endorsed programs include critical insurance and capital management services, as well as technology services and income-enhancing financial marketing products. And our list of CAB partners is growing.

One new program is ABA's Certificate of Deposit Account Registry Service. "CDARS" acts as a deposit broker service so that ABA member institutions can offer their larger-denomination depositors a convenient and safe deposit alternative. I was involved in the duediligence process leading up to our partnership with Promontory Interfinancial Network to offer this new program. I know that Promontory offers a solid solution to banks' challenges in this area.

CDARS can strengthen the funding and competitive position of thousands of banks and savings institutions by letting them obtain FDIC insurance coverage for customers above the $100,000 level. It's a good example of a CAB-sponsored program that effectively meets the expressed needs of our members, and is run by people who understand banking. Promontory's chairman and CEO is Gene Ludwig, former Comptroller of the Currency, and its board members include former New Hampshire Sen. …

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