NOVEMBER 25, 2024
CRAIN’S PHOTO ILLUSTRATION
‘Cautious optimism’ for banking industry Next Trump administration could bring a burst of tailwinds, but positives could be offset By Jeremy Nobile
The next Donald Trump administration could bring a burst of tailwinds for a banking industry that has been grappling with a strict regulatory environment.
But there’s also some concern that some expected positives could be at least partially offset by other factors that could work against them. While the phrase “cautious optimism” gets thrown around a lot in business circles, Evan Kley-
meyer, senior vice president for government and external relations for the Ohio Bankers League, said that’s the best way to describe how many bankers are feeling about the future under President Trump. “Based on what former Presi-
dent Trump said during his campaign about reining in the administrative state, we feel cautiously optimistic that, first and foremost, the banking regulatory agencies will have to start operating under the statutory authority and stop promulgating
rules that are outside their authority,” Kleymeyer said. “Our hope is that allows banks of all sizes to more effectively serve their customers in a safe and sound manner.” See BANKING on Page 16
Cleveland is one of nearly a dozen cities looking to add a team By Joe Scalzo
In the summer of 1997, the upstart WNBA began its inaugural season with a team from Cleveland (the Rockers) and the slogan, “We Got Next.” More than two decades after the Rockers folded, Cleveland wants to deliver a similar message. Dan Gilbert’s Rock Entertainment Group (REG), which owns the Cleveland Cavaliers, is joining a crowded group of cities bidding on the WNBA’s 16th franchise, which is expected to be in place by the beginning of the 2028 season.
“We are a firm believer in the power of sports and entertainment,” Nic Barlage, the CEO of REG, the Cavaliers and Rocket Mortgage FieldHouse (RMFH), said in an exclusive interview with Crain’s Cleveland Business. “Given the trajectory of women’s professional sports, the endearing nature of the athletes and the passionate fan base we experience in Northeast Ohio — we are ready-made for women’s professional sports in a big way.” Cleveland’s expansion team, which may or may not keep the Rockers’ name and colors, would play its home games at Rocket Mortgage FieldHouse and would use the Cleveland See WNBA on Page 17
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FIRST ENERGY
What’s in the city’s WNBA franchise bid
How FirstEnergy may be risking millions with controversial plan By Dan Shingler
FirstEnergy, the electric distribution utility that serves more than two million customers in northern and central Ohio, might be taking a huge gamble with the recent withdrawal of its pending Electric Security Plan. Some observers say it could cost the company at least tens of millions of dollars, and possibly much more, depending on an upcoming decision by the Public Utilities Commission of Ohio. In the meantime, however, the situation is causing uncer-
tainty for companies in manufacturing and other sectors that use large amounts of electricity. An Electric Security Plan, or ESP, is a plan that must be approved by state regulators and affects what a utility can charge its customers. It’s meant to ensure the utility gets paid for investments it has made to bolster and secure its distribution system by adding charges to the market rate for electricity. Such charges allow the utility to charge more than market rates for its power, so it doesn’t make those investments with-
out being compensated for them. Since June 1, FirstEnergy has been working from its fifth ESP. The PUCO modified the original version of the ESP V that was submitted by the company and approved the modified version in May. On Oct. 29 the company announced it was withdrawing ESP V and asked the PUCO to let it operate under its former ESP IV plan until it can devise a new ESP that regulators approve. See FIRSTENERGY on Page 18
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