Wants Congress To Ease Restrictions On Banks
NEW ORLEANS (AP) _ Nationwide interstate banking and other expanded services are needed to meet the demands of customers, says the president of the American Bankers Assocation.
″Our customers want more service from us ... more diversified service, the kind of service that can only come from widening competition in the financial industry,″ Donald Senterfitt told the ABA on Tuesday.
″Bankers cannot meet those new demands of us if we are confined to a narrow range of services in a rapidly diversifyng market,″ he said.
Senterfitt, who is vice chairman of SunTrust Banks Inc., of Orlando, Fla., said congressional leaders should form a task force of bankers, consumers and lawmakers for studying and resolving banking issues now stalled in Congress.
He said he was proposing Senate Majority Leader Bob Dole and House Speaker Tip O’Neill urge their chambers’ banking committees to join bank regulators, industry officials and consumers in a task force intended to hammer out agreement in disputes over proposed legislative or regulatory changes for banks.
He said delays in passing legislation to allow needed banking changes stemmed from Congress’ willingness to believe warnings by the thrift industry and other non-bank financial companies that banks could not fairly or safely handle the new services.
Senterfitt officially began serving his one-year term as president of the 12,000-member ABA on Tuesday.