Independent Banker - March 2018 - 43
What's the fl aw?' Then you can win them over, " he says.
Zimmerman also found success serving as chairman of
the Consumer Financial Protection Bureau's Community
Bank Advisory Council, explaining how overdraft
practices actually benefi t customers and defending
balloon mortgages as a century-old tool when used
prudently by community banks. He, along with ICBA and
his community bank peers, also effectively advocated for
community bank exceptions to the CFPB's Ability-toRepay
mortgage lending rules, a two-year effort.
" Some of these rules make it very diffi cult to help
customers, so they reach the conclusion that you're
too hard to work with ... and they go to payday lenders
or fi ntech companies, where they believe it's easier to
deal with, because the regulation isn't the same, " says
Zimmerman, whose bank remains very involved in
residential lending. " In a lot of cases, they don't end up as
fi nancially well-off. "
Advancing regulatory relief, including ICBA's Plan for
Prosperity platform, is a top goal for Zimmerman during
his chairmanship.
" Part of my hope is to continue the work of ICBA and
do even more to help community banks get back the
ability to make decisions that are customer-oriented
and not have to follow very restrictive and prescriptive
methods, so that we can help as many people the best way
we know how, " he says.
Streamlining the regulatory burden was one reason
Quickfi re Q&A:
Tim Zimmerman
Q: What's the one thing you'd tell a visitor to
Pittsburgh to see?
A: Ride the Incline up to Mount Washington and enjoy
the spectacular view of the city and the Three Rivers.
Q: How did you teach your kids about money?
A: We taught them early on about saving a portion of
all the funds they received-even gifts!
Q: Who is your personal hero and why?
A: My mom and dad. They personally [made sacrifi
ces] and raised six kids on a shoestring and instilled
core values in all of us. Also, my dad served in World
War II and was seriously wounded in the Battle of
the Bulge. He was part of the Greatest Generation; it
brought a tear to his eye every time he saw the fl ag.
Q: What's your one piece of advice for community
banks considering a merger?
A: Consider all of the factors-fi nancial and cultural-
before moving ahead.
Ally on the Hill-Zimmerman with Rep. Jeb Hensarling (R-Texas), chairman of
the House Financial Services Committee, who has led the fight against Dodd-Frank. In
October 2017, Hensarling announced he will not seek reelection after his term ends.
Q: What's been the biggest change in the banking
industry since you joined in 1977?
A: Defi nitely the technology and the amount of
regulation.
independentbanker.org ICBA Independent Banker 41
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Independent Banker - March 2018
Table of Contents for the Digital Edition of Independent Banker - March 2018
Table of Contents
Independent Banker - March 2018 - Intro
Independent Banker - March 2018 - Cover1
Independent Banker - March 2018 - Cover2
Independent Banker - March 2018 - Table of Contents
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