Bankers Association
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| Motto | Building Success. Together. |
|---|---|
| Formation | 1875 in Saratoga Springs, New York |
| Type |
Industry trade group Professional association Advocacy group |
| Location | |
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Region served
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United States |
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Chairman
|
Dan Blanton |
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President and CEO
|
Rob Nichols |
| Website | [1] |
The American Bankers Association (ABA) is a Washington, D.C.-based trade association for the U.S. banking industry. Founded in 1875, ABA today represents banks of all sizes and charters, including community banks, regional and money center banks, savings associations, mutual savings banks, and trust companies, with the average member bank having approximately $250 million in assets.
Like many large trade associations, ABA's principal activities include lobbying, professional development for member institutions, maintenance of best practices and industry standards (for example, routing transit numbers), consumer education, and distribution of products and services. ABA is considered the largest financial trade group in the United States.
The origins of the American Bankers Association are in the Panic of 1873, when St. Louis, Missouri banker James Howenstein found himself in “a tight squeeze,” with only a few hundred dollars in funds and millions of deposits to pay. Relying on help and intelligence from peer bankers in the form of frequent correspondence, Howenstein escaped his dilemma and realized the value of a bankers’ fraternal organization.
Howenstein later recalled:
Howenstein convened a group of 17 bankers in New York City on May 24, 1875; they planned the first convention for the new American Bankers Association, which opened on July 20, 1875, in Saratoga Springs, New York, with 349 bankers representing 31 states and the District of Columbia. The initial constitution called for the association to:
Among the ABA’s earliest activities was the American Institute of Banking, which was founded in 1903 to provide professional education via examinations and certificates through local chapters. AIB provided an alternative path to careers in banking to collegiate training in finance and law.
The ABA, first headquartered in New York City, organized its activities through sections focused on particular bank types. The trust company section was organized in 1896, followed by one for clearing houses in 1899, savings banks in 1902, and state bankers associations in 1908. The ABA’s growth continued with the emergence of the Federal Reserve System, which required national banks to be members of a Federal Reserve Bank and provided the option to state-chartered banks. In 1915, the ABA organized a section for national banks and an additional section for state banks in 1916. To facilitate advocacy before the Comptroller of the Currency, the national bank section opened the ABA’s first office in Washington, D.C., in 1919. The state bank section also used the Washington office to represent its banks’ interest before the Federal Reserve.
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Wikipedia