Policy

FDIC Watchdog Finds Major Flaws in Refund Loan Supervision

In supervising banks that made tax refund anticipation loans, the FDIC made “aggressive and unprecedented” use of its supervisory powers and imposed “high costs” on institutions offering the legal products, according to a review issued today by the FDIC’s inspector general.

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Hensarling Previews Regulatory Reform Plan

Speaking today at ABA’s Government Relations Summit, House Financial Services Committee Chairman Jeb Hensarling (R-Texas) offered a preview of a financial regulatory reform plan that he expects to unveil soon.

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Sen. Scott: ‘Dodd-Frank Is Not for Us, It Is Against Us’

Speaking to the more than 1,000 attendees at ABA’s Government Relations Summit in Washington, D.C. today, Sen. Tim Scott (R-S.C.) criticized the Dodd-Frank Act, saying that the legislation created a “regulatory labyrinth” that has stymied banks’ ability to serve their customers and grow the economy.

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Agencies Working with FinCEN on Marijuana Banking Guidance

The federal banking agencies are having discussions with the Financial Crimes Enforcement Network about guidance on how financial institutions can serve marijuana-related businesses, an OCC official said today during a regulatory roundtable at the ABA Government Relations Summit.

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Associations: G-Fees Should Not Be Used as a Funding Offset

ABA and several other housing and mortgage associations wrote to Congress yesterday urging the House and Senate Budget Committees to include a provision in the FY 2017 Budget Resolutions prohibiting the use of Fannie Mae and Freddie Mac guarantee fees as a funding offset.

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