House committee advances ABA-backed 403(b) bill

Starting next year, the Federal Open Market Committee will hold one less vote annually to set monetary policy, Federal Reserve Chairman Kevin Warsh said.

The Federal Open Market Committee voted to maintain the target range for the federal funds rate at 3.75% to 4%, although two members instead sought an increase.

Any effort by states to modernize insurer data privacy standards should not displace the federal standards already in place for depository institutions, ABA said in a letter to the National Association of Insurance Commissioners.

A coalition of 21 Democratic state attorneys general has filed a lawsuit to reverse the Trump administration’s decision to scale back the scope of beneficial ownership information reporting requirements.

UMB Financial to buy El Dorado Savings Bank in California. Renasant to buy Commercial Holding in Tennessee.

Among the new requirements is a 36-hour cybersecurity incident reporting window requiring companies to provide Fannie Mae with “prompt” details about the incident, including the event date, details of actions taken and if the event caused suspension of...