Banking News and Views from Washington to Tupelo

Sen. Thom Tillis (R-N.C.) released a discussion draft of proposed legislation to address alleged debanking by banks and banking regulators by creating a national standard for account access and establishing new watchdog mechanisms for banking agencies.

The Federal Reserve will reduce its bank supervision staff by 30% by the end of next year, the Wall Street Journal reported.

Banking agencies are required by Congress to review their regulations every 10 years but their past reviews have been “underwhelming,” resulting in no reduction in regulatory burden, Federal Reserve Vice Chair for Supervision Michelle Bowman said.

With ABA’s every-increasing anti-fraud resources bankers can save their banks and their customers a lot of money.

The CFPB rescinded a series of changes made to its rules that, among other things, gave its director authority to resolve adjudication hearings overseen by the agency.

The CFPB has nixed a registry to track information on consumer protection violations by nonbanks, citing concerns about compliance costs.