Banking leader Yingling to step down

The head of the American Bankers Association (ABA), one of the country's most powerful financial lobbying groups, is leaving.

Edward Yingling, a 25-year veteran of the group, will leave his position at the end of the year. 

“After 25 years at ABA, I believe this is the best time to create the opportunity for new leadership,” Yingling said in statement.

The move comes as Congress is on the verge of passing broad financial regulatory legislation. Like most of the industry, the ABA lobbied aggressively against many of the provisions.

“The conference report on the reform legislation is written, the historic merger of ABA and America’s Community Bankers has been successfully completed and ABA has been restructured to best serve the industry for the future," Yingling said. "Leaving ABA at the end of a Congress and with sufficient time to implement a succession plan will ensure the best possible transition.” 

The group said it would consider internal and external candidates. The association represents thousands of small and large banks.