Analysis-Big US banks boost Washington lobbying muscle as policy fights heat up

WASHINGTON, Feb 5 (Reuters) - Big U.S. banks' lobbying spend jumped 12% last year, the most in more than a decade, as they intensified efforts to navigate major policy flux in Washington under President Donald Trump's administration, according to a Reuters analysis of disclosure data and industry lobbyists.

The power of the crypto lobby and its policy gains have become a ​source of alarm and frustration for many banks, according to four other industry sources, two of whom said some in the industry want to take a more aggressive stance.

Among banks with at ‌least $50 billion in assets, 38 reported lobbying last year. Those lenders, along with seven of their top trade groups, spent $86.8 million on lobbying the White House, federal agencies and lawmakers, according to a Reuters analysis of data provided by the non-partisan organization OpenSecrets, ‌which tracks money in politics.

The 12% jump in 2025 was the largest since 2011 when the banking industry was scrambling to shape a slew of major new rules following the 2008 financial crash.

Trump's bank regulators are working on a sweeping overhaul of those capital rules, and potentially transformative fintech and crypto policy changes, while Congress is considering landmark digital asset legislation, all of which promise the industry big wins but also potential losses.

"Because we are in such an active environment, you want to make sure you are fully at the table," said Ed Mills, a policy analyst at Raymond James. "There's a view that much of what DC is doing is positive for the ⁠banks, but you still want to shape that agenda."

Trump himself has also ‌proved a wildcard. Last year, he accused banks of politicized debanking, and more recently has pushed populist policies aimed at addressing cost-of-living concerns ahead of congressional elections this year, including a credit card interest rate cap, prompting some banks to push back. The disclosures show big banks hired several lobbyists with close ties to the President ‍and the White House.

"The need to safeguard yourself to make sure that you're not being caught by surprise is really where their expenditures go," said James Ballentine, a former top lobbyist for the American Bankers Association who now runs a government relations firm for finance clients.

One Washington lobbyist, who asked for anonymity to discuss sensitive policy issues, said the rise of affordability politics, in particular, had been a shock to banks.

Ballentine also cited a bill limiting credit card swipe fees, ​and tumult at the consumer finance watchdog as causes for increased vigilance by banks, as well as competition from crypto companies.