Senate approves resolution to overturn CFPB data collection rule
The Senate voted 53-44 to approve a resolution of disapproval seeking to overturn the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act.
The Senate voted 53-44 to approve a resolution of disapproval seeking to overturn the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act.
The Federal Open Market Committee has room to “wait, watch and see” what the economy does before deciding whether to once again raise the federal funds rate, Federal Reserve Governor Christopher Waller said,
The FDIC’s lack of clear guidance for digital assets creates uncertainty for financial institutions in determining the appropriate actions to take in adopting and safeguarding the technology, the agency’s Office of Inspector General concluded in a new report.
ABA expressed support for a proposed bill to create a tax credit for investments in community development financial institutions and minority depository institutions
Stablecoins and other digital assets pose risks to consumers and the U.S. banking system, so the providers of those services should be held to the same standards as banks, Federal Reserve Governor Michelle Bowman said.
U.S. consumers are generally unaware of the differences between banks and credit unions, and they believe credit unions should be held to the same standards as the banks, according to a new survey conducted by Morning Consult on behalf of ABA.
The U.S. banking system is already well capitalized, and regulators have not demonstrated how the “Basel III endgame” proposal would increase safety and soundness.
The Federal Reserve, FDIC and OCC should conduct a full, public study into the costs of their proposed capital requirements and re-propose the rule after the study’s results are released, ABA and five business groups said.
Financial institutions risk violating federal protections against discrimination if they rely on immigration status to determine a consumer’s credit worthiness, the Consumer Financial Protection Bureau and Justice Department said.
A majority of Federal Open Market Committee members believe that at least one more increase in the federal funds rate will be necessary to return inflation to the Federal Reserve’s 2% target, according to minutes from the FOMC’s September meeting.