The American Bankers Association today expressed support for three bills that appeared before the House Financial Services Committee during a markup hearing, including a resolution to overturn the Consumer Financial Protection Bureau’s credit card late fee rule. H.J. Res. 122, sponsored by Rep. Andy Barr (R-Ky.), would overturn the rule if approved by both houses of Congress and signed by the president. In its letter, ABA noted that it had previously joined other associations in warning about the long-term harm the rule would impose on consumers.
ABA also expressed support for H.R. 5535, sponsored by Rep. Scott Fitzgerald (R-Wis.), which would prohibit the Federal Insurance Office, Treasury Department and other financial regulators from collecting market data directly from an insurance company. “Insurance is regulated by the states and not federal agencies, and much of the data in question is already collected by state insurance commissioners,” the association said.
In addition, ABA said it supported H.R. 7437, sponsored by Rep. Erin Houchin (R-Ind.), which, among other things, would require the financial regulatory agencies to assess how their existing technological systems prevent them from conducting real-time supervision of financial entities.
The association also shared its concern about H.R. 4206, sponsored by Rep. Brad Sherman (D-Calif.), which would require a bank holding company or insured depository institution to include elements of accumulated other comprehensive income when calculating capital for purposes of meeting capital requirements. “The implications of this AOCI treatment would increase capital requirements on certain covered institutions, lead to shortened maturities in securities portfolios and less active hedging for these companies,” ABA said.
