Insights: Article

What's in a Phrase: The 'Permanency' of Regulatory Relief

By Christina Long

February 01, 2018

In February 2015, I received the following question during one of my presentation to a bankers’ association: “Do you foresee any regulatory relief in the future?” At the time, my answer was “no,” as Washington was fervently promoting consumer interests. Though I’ve been in the banking industry for almost 17 years now and served as a regulatory examiner through the most recent financial crisis, little did I know the tides would turn at the next presidential election. In all seriousness, who, in early 2015, would have predicted Donald Trump would be our next president and spawn multiple deregulation efforts reminiscent of those during the Reagan era of the 1980s?

It’s been years since I first heard the phrase, “nothing’s permanent.” As President Trump’s first year is behind us, however, this phrase plays like a record in my mind. Reflecting back to that presentation in February 2015 and knowing what I know now, that would have been my response. Nothing’s permanent.

Some of you have been in the banking industry long enough to have seen three, four or maybe even five noteworthy regime shifts in Washington. There are also those who may be newer to a management position with the responsibility of leading your bank into the next era. Regardless of your experience, knowing and remembering nothing’s permanent can be constructive, especially when formulating the bank’s strategic direction and risk management practices. Creating the flexibility to respond to those changes that can’t even begin to be predicted yet will help ensure your bank’s prosperity for years to come.

Please contact your Eide Bailly Professional for assistance with your banking or regulatory questions. Read all Insights from the Winter 2018 Possibilities here.

Latest Insights

September 25, 2018
Article
As the largest tax reform legislation in the past 30 years becomes reality, it is important to stay up-to-date on planning opportunities and how reform may impact you and your business. Our Tax Reform: Practical Insights examples aim to break down…
September 24, 2018
Article
Since the Affordable Care Act became reality, businesses have been scrambling to figure out what compliance looks like and how best to comply.
September 24, 2018
Article
In auto dealerships, showrooms, car lots and implement dealerships, there is a constant flurry of activity. One area that can easily get overlooked is cybersecurity.
September 24, 2018
Article
The recent US Supreme Court decision that overturned Quill in the South Dakota v Wayfair case has many states making or considering law changes related to sales tax compliance for out-of-state sellers.
September 21, 2018
Article
In the wake of Hurricane Florence and its footprint, devastating results are being experienced by communities and businesses. As a result of these catastrophes, businesses will turn to insurance carriers for recovery of covered losses. Current…
September 20, 2018
Firm News
Eide Bailly LLP announced the winners of its 2018 Nonprofit Resourcefullness Awards, recognizing creative and sustainable revenue ideas from nonprofits in Arizona, Colorado, Minnesota, North Dakota and Utah.
September 19, 2018
Article
The IRS has started sending out Letter 5699 asking businesses to verify if they should have filed Forms 1094/1095-C. These forms are required for all ALEs.
September 19, 2018
Recorded Webinar
Are you considering doing business or having employees in Pennsylvania? Have you had issues with your state tax filing? Join our state and local tax team for some helpful insights into Pennsylvania tax filings.
September 19, 2018
Recorded Webinar
Are you considering doing business or having employees in Nevada? Have you had issues with your state tax filing? Join our state and local tax team for some helpful insights into North Dakota tax filings. This webinar will cover registration,…