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Yingling to President Obama: Be careful with saying 'bank'

Yingling asks President for more caution in using the term 'bank'

ABA President and CEO Ed Yingling, wrote to President Obama asking him to stop making negative references to banks and bankers as he did during his initial address to Congress and the American people on Feb. 24.   Yingling asked the President to be more cautious in his future use of the term “bank,” and differentiate between those that really caused the problem -- which primarily were not traditional bankers -- and the thousands of banks that never made one subprime loan.  

Yingling also pointed out that banks are in fact lending and that traditional bank lending actually went up in 2008, despite the recession.

“The failure to distinguish between Wall Street and the thousands of traditional banks across the country undermines confidence in our banking industry, the industry which is the foundation on which an economic recovery must be built,” Yingling said. “We stand ready to work with your administration to promote policies that will clear the way for banks to do what they do best: finance businesses and families which are ready to move the economy forward. But these efforts will only be inhibited by misperceptions about our industry.”

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