Policy

NY Fed Researchers Caution Against Payday Lending Curbs

More research is needed on payday borrower habits before any regulation curbing payday lending is adopted, say researchers at the Federal Reserve Bank of New York. The authors examined criticisms of payday lending that are used to justify reform and said that most did not hold up to scrutiny. Research is split, for instance, on whether payday loans help or ...

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Fed’s Brainard Lists Reg Relief Measures With ‘Greatest Promise’

Federal Reserve Governor Lael Brainard at an EGRPRA outreach meeting today listed several areas that she believes “hold the greatest promise to reduce undue regulatory burden.” Many areas mentioned correspond to items on ABA’s Agenda for America’s Hometown Banks. For example, Brainard noted that the Fed is exploring options for allowing smaller banks to achieve the goals of Basel III ...

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ABA Requests IRS Resolution on Modified Mortgage Loan Interest

ABA in a letter Friday formally requested the opportunity to work with the IRS to resolve the issue of whether and how to report — on IRS Form 1098, Mortgage Interest Statement — any accrued but unpaid interest that is added to the principal of modified loans. The letter asks the IRS to engage on the issue through its Industry ...

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A Conversation with the Comptroller

Frank Keating discusses top banking issues—from regulatory relief and cybersecurity to de novos and the future of the mutual charter—with Comptroller of the Currency Thomas Curry.

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House Passes TRID Grace Period Through Feb. 1

By a bipartisan 303-121 vote, the House last night passed H.R. 3192, which would provide a safe harbor from enforcement actions and private civil actions for lenders making good-faith efforts to implement the new TILA-RESPA integrated disclosures. The safe harbor would extend to Feb. 1.

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House Passes Bill Expanding 18-Month Exam Cycle Eligibility

In unanimous votes, the House last night passed two bills consistent with ABA’s Agenda for America’s Hometown Banks. H.R. 1553, introduced by Reps. Scott Tipton (R-Colo.), Lacy Clay (D-Mo.) and Andy Barr (R-Ky.), would raise the asset threshold for qualifying for the 18-month exam cycle from $500 million to $1 billion.

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This Week: Tweet Your Senators for #RegRelief Action

Building on the success of last week’s phone-your-senator push, this week ABA is encouraging all bankers to tweet their senators urging them to support S. 1484, Sen. Richard Shelby’s regulatory relief package for banks and their customers.

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Bipartisan ABA-Backed Bills Coming to Vote This Week

The full House is expected to vote this week on two bipartisan bills that are part of ABA’s Agenda for America’s Hometown Banks. H.R. 1553, introduced by Reps. Scott Tipton (R-Colo.), Lacy Clay (D-Mo.) and Andy Barr (R-Ky.), would raise the asset threshold for qualifying for the 18-month exam cycle from $500 million to $1 billion.

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