ABA chairman offers insight on Washington developments
Brad Rock, chairman of the American Bankers Association, answered several questions for Iowa bankers when he spoke in Des Moines on Sept. 22. Rock is chairman, president and CEO of Bank of Smithtown, N.Y.
Regarding Fannie Mae and Freddie Mac preferred stock: "I think it is fair to say that when they announced the GSE plan for Fannie and Freddie, they did not understand the full ramifications of it for community banks," Rock said. "So we wrote them a letter that we hand-delivered on the afternoon of Sept. 18 . . .
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