Bank Lobbyists Take Their Fight Public Amid Frustration with New Rules

Frustrated with what they perceive as regulatory overreach, banking trade groups in the United States are taking their fight against new rules to the public. Lobbyists representing banks of all sizes, including the American Bankers Association and the Independent Community Bankers of America, have resorted to legal threats and public attacks to challenge the legitimacy of federal regulators' powers. They have filed lawsuits against regulators such as the Consumer Financial Protection Bureau and the Federal Reserve, accusing them of exceeding their authority. The lobbyists argue that the Biden administration has appointed regulatory heads who are unwilling to compromise or listen to their concerns. This shift in tactics marks a departure from the more discreet lobbying efforts of the past and reflects the acrimonious political discourse in the country.