By Silla Brush - 08/13/10 03:54 PM EDT
The American Bankers Association pledged its "best efforts" to work with the Obama administration and regulators implementing a wide-ranging overhaul of the financial system.
The association, which frequently clashed with the administration during congressional debate, emphasized shared goals with the administration in a letter this week to Treasury Secretary Timothy Geithner. The group is one of the most powerful financial industry associations.
"As you know, ABA and the administration had areas of agreement and disagreement on various elements of the Dodd-Frank Act," wrote ABA President Ed Yingling. "What endures is our joint interest in creating a better financial services industry that meets the current and evolving interests of our individual customers, businesses, and the economy in general."
The Treasury Department and financial regulators are in the early stages of implementing the overhaul package, one of President Obama's chief domestic policy victories. The bill requires hundreds of new regulatory rules and scores of studies in an effort to mitigate the effects of future financial crises or prevent them outright.
"While taking care to get things right and bring all the necessary information and input to bear, we all need to act promptly," Yingling wrote.
Yingling also praised Geithner for suggesting that the overall burden of new regulations needs to be considered. "Your important point, that collective costs and the interaction of the various regulations need to be weighed as well, is one that we strongly support," he wrote.