Today, the Washington, DC-based American Bankers Association (ABA), stated that the organization does not have a formal position relating to the authorization of Republic of Cuba government-operated financial institutions to have accounts with United States-based financial institutions for correspondent activities.
The ABA did not provide a reason(s).
"The American Bankers Association is the united voice of America’s hometown bankers- small, regional and large banks that together employ more than 2 million people, hold more than $16 trillion in assets, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.
ABA believes that government policies should recognize the industry’s diversity. Laws and regulations should be tailored to correspond to a bank’s charter, business model, hometown markets and risk profile. This policymaking approach avoids the negative economic consequences of burdensome, unsuitable and inefficient bank regulation.
Through a broad array of information, training, staff expertise and other resources, ABA supports America’s hometown bankers as they perform their critical role as drivers of America’s economic growth and job creation."
Established in 1994, the U.S.-Cuba Trade and Economic Council provides an efficient and sustainable educational structure in which the United States business community may access accurate, consistent, and timely information and analysis on matters and issues of interest regarding United States-Republic of Cuba commercial, economic, and political relations.