|
|
Contact:
|
Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
|
Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
|
For Immediate Release
December 5, 2000
#00-135 |
|
E-mail:
[email protected] |
|
| |
ACB LAUDS GREENSPAN’S SUPPORT OF INTEREST ON BUSINESS CHECKING, URGES CONGRESS TO ACT
NEW YORK, N.Y. America’s Community Bankers lauded the continued support of Federal Reserve Board Chairman Alan Greenspan today of allowing banks to pay interest on business checking accounts, and urged Congress to act.
ACB Chairman David A. Bochnowski said: “It’s not too late for Congress to act this session on this legislation, which has overwhelming bipartisan support in both houses. By allowing banks and thrifts to pay interest on business checking accounts, not only will small business customers benefit, but this could also help community banks solve their funding problems. We appreciate Chairman Greenspan raising the profile of this important tool for community banks.”
Greenspan reaffirmed his support for repealing the ban on paying interest on business checking in remarks to ACB’s Winter Management Conference here. He said:
“The freedom to manage your liability structure is still constrained by one remnant of 1930s era banking regulation ©¤ the prohibition of interest on demand deposits. This is of particular concern to community bankers, of course, given that larger banks are offering interest to their customers through sweep accounts. Pending legislation modernizing the law would potentially help bolster deposit growth and open opportunities for other profitable customer relationships without the unproductive and costly circumventions of the existing statute.”
For a copy of Alan Greenspan’s speech, click HERE.
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
-30-
|
| |
About
ACB |
Government Relations | Products
& Services | Affiliates
| Members
Area
| ACB
News Bank | In
The Community | Tools
& Resources | Contact
Us |
America’s Community Bankers
900 Nineteenth Street, NW, Suite 400,Washington, D.C. 20006
phone 202-857-3100 | fax 202-296-8716 | [email protected]
Copyright 1996-2002 © America’s Community Bankers. All Rights Reserved.
|
|
|
