ABA: Small Business Complaints Fall Outside CFPB’s Jurisdiction

ABA is recommending that the IRS make several changes to its proposed regulations to implement a new tax deduction for certain automobile purchases, saying the revisions would greatly reduce the compliance burden for taxpayers.

ABA offered several recommendations in response to a request by banking agencies on steps to streamline the regulatory reporting burden in filing a Call Report.

Illinois regulators closed Metropolitan Capital Bank & Trust in Chicago and appointed the FDIC as receiver. First Independence Bank in Detroit has agreed to assume substantially all of the failed bank’s deposits.

The Senate voted 71-29 in favor of a deal on government funding for several federal agencies that is set to expire at the end of the day. However, the bill must return to the House for final passage.

The dollar is down 10% from a year ago against other major currencies, trading at its lowest level in four years. Gold, known as a premier safe haven asset, has risen more than 70% during the same period.

ABA expressed strong support for the agencies’ proposal to lower the CBLR threshold from 9% to 8% and to extend the grace period for returning to compliance with the qualifying criteria from two quarters to four quarters.