U.S. banking institutions spent $1.8 million on lobbyists during the first quarter as they aimed to get their voices heard in regard to the financial regulation overhaul. The American Bankers Association reported the amount, which was paid by its members, including Bank of America (NYSE: BAC), Citigroup (NYSE: C), JP Morgan Chase (NYSE: JPM), among others.
The American Bankers Association is the industry’s largest trade group and disclosed the information in a disclosure document, which is required under a federal law established in 1995.
For its member, the trade group has lobbied Congress on the financial regulation reform, along with several other industry items to come under review in recent months. The group took part in lobbying activities in regard to the new credit card laws associated with the CARD Act.
Lobbying dollars did fall though, down from the $2.2 million spent in the fourth quarter of 2009 and $1.9 million in the first quarter of 2009.
