DRILLBITS
Monthly eNewsletter from the IADC

Matt Giacona Starts off New Role Fighting for Fair Banking Regulations

On the cusp of a new United States president, IADC’s advocacy team in Washington, D.C. was short a team member in the wake of Liz Craddock, former IADC Vice President of Policy & Government Affairs. With a need for a ear to the ground in Washington, D.C., Giacona was an easy choice to promote to Assistant Director of Government & Industry Affairs.

In a support role for Craddock for almost 2 years, Giacona was already working behind the scenes, ensuring key legislative items were noted and prioritized for advocacy focus. In addition to maintaining oversight of federal issues and reporting on developments impacting our industry, he will assume an increased role with DRILLERSPAC, the IADC Political Action Committee. With Matt in his new position, we look forward to working with him in meeting the industry challenges we face with government policy and regulatory matters in 2021 and beyond.

His background is having his finger on the pulse is how he was able to advocate for the industry’s financial interests with the Office of the Comptroller of the Currency (OCC).

The OCC is the primary regulator of banks chartered under the National Bank Act and federal savings associations chartered under the Home Owners Loan Act of 1933. It regulates two-thirds of the banking assets in the United States, including the largest banks. With an outsized influence on how those banks operate, the reality is they influence how all banks operate in the United States. These banks include companies like Citibank, Morgan Stanley, Goldman Sachs, Bank of America, Wells Fargo and JPMorgan Chase.

In mid-November, the OCC proposed a ban on banks rejecting a customer for reasons other than financial risk. At the end of January, the OCC announced it had paused publication of its rule to ensure large banks provide all customers fair access to their services.

By advocating in favor of equal treatment, the agency would codify a decade-old OCC guidance stating that banks should conduct risk assessments of individual customers, rather than make broad-based decisions affecting whole categories or classes of customers, when providing access to services, capital, and credit.

IADC is proud of the effort that Giacona brings to the IADC team and Membership.