Rep. Luetkemeyer Introduces CLEARR Act
Rep. Blaine Luetkemeyer (R-Mo.) yesterday introduced the ABA-advocated CLEARR Act (H.R. 2133), which would provide relief from certain rules and regulations for community banks.
Rep. Blaine Luetkemeyer (R-Mo.) yesterday introduced the ABA-advocated CLEARR Act (H.R. 2133), which would provide relief from certain rules and regulations for community banks.
The House Financial Services Committee today held a hearing on the Financial Choice Act, Committee Chairman Jeb Hensarling’s (R-Texas) sweeping, 600-page bill aimed at reforming parts of the Dodd-Frank Act’s extensive supervisory regime and providing regulatory relief for banks.
In a detailed letter today to Treasury Secretary Steven Mnuchin, ABA provided a number of recommendations to improve banks’ regulation and promote economic growth.
Members of the Federal Reserve’s Community Depository Institutions Advisory Council — which includes several ABA member bank CEOs — raised concerns about compliance examination processes and the current regulatory landscape in a recent meeting, according to minutes released by the Fed. “The council is very concerned that the working partnership that has existed for many
Noting that the U.S. financial system is “without a doubt far stronger” than it was before the crisis, Federal Reserve Governor Jerome Powell said today that the collective weight of post-financial crisis rules are too complex and that some of them are burdensome and may not be needed at all — especially in a context of sluggish productivity and GDP growth that calls for banks to “devote as much of their resources as possible to supporting economic growth.”
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) today released the latest legislative text of his Financial Choice Act, a 600-page bill aimed at rolling back and reforming parts of the Dodd-Frank Act’s extensive supervisory regime, as well as providing regulatory relief for banks of all sizes.
The first broad-scale academic assessment of new financial rules and standards put in place during the Obama presidency — including the Dodd-Frank Act, Basel III and the CARD Act — finds “causes for concern” about the impact of the rules on growth, credit availability and competition.
As part of the banking industry’s continuing response to President Trump’s executive order outlining “core principles” for financial regulation, ABA provided recommendations to the Treasury Department today on areas where the bank capital framework can be improved.
Speaking to a community bank conference in New York yesterday, Esther George — president and CEO of the Federal Reserve Bank of Kansas City — emphasized several areas where regulation is ill-suited to community banks and needs to be tailored.
Treasury Secretary Steven Mnuchin and his leadership team today hosted a diverse group of community bankers to discuss unnecessary and outdated regulations that are hindering economic growth and making it more difficult for banks to serve their customers and communities.