Policy

Treasury Issues Controversial ‘Interest Stripping’ Final Rule

In response to comments from ABA and other groups, banks yesterday scored a win when the Treasury Department issued a revised final rule to address alleged “interest stripping” that carved out debt instruments issued by most financial institutions from an important portion of the rules.

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ABA Welcomes Call Report Changes, Urges More Streamlining

While welcoming the banking agencies’ proposed streamlining of the Call Report for banks with less than $1 billion in assets and no foreign offices, ABA today urged regulators to do more to reduce the sources of burden that banks face when filing the report.

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Treasury’s Raskin Calls for ‘Dynamic’ Authentication

Noting that cybersecurity challenges continue to grow, Deputy Treasury Secretary Sarah Bloom Raskin today called for “better solutions” to customer bank account access that “tak[e] into account user behavior,” such as a combination of biometrics, user behavior profiles and multi-factor authentication.

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OCC Proposes Limits on Qualified Financial Contracts

The OCC today proposed a rule that would establish restrictions on qualified financial contracts -- such as derivative transactions, repurchase agreements, reverse repurchase agreements, and securities lending and borrowing agreements -- of national banks and federal thrifts that are subsidiaries of U.S. and foreign-based global systemically important banks.

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