Due to an annual decrease in consumer prices, financial regulators announced today that the dollar threshold at which higher priced-mortgages become subject to special appraisal requirements will remain unchanged at $25,500 in 2017. Agencies also said today that the threshold under which consumer credit and lease transactions under Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) are exempt will remain at $54,600 in 2017.
The CFPB’s cap on overdraft fees may only apply to large banks, but community banks and the customers they serve will be hurt as well, according to an opinion piece by community banker Haylie Calicott.
Noting that asset thresholds in statutes like the Dodd-Frank Act are “artificial barriers” distorting strategic decision-making by banks, House Financial Services Committee Chairman French Hill (R-Ark.) floated an increase in the $10 billion-asset supervisory threshold to $25 billion.
The FDIC will waive some requirements for large bank resolution planning and take steps to boost de novo bank formation, particularly in areas of the country without a local community bank, Acting FDIC Chairman Travis Hill said.
Top of mind for Tim Scott as he addressed bankers were affordable housing, stablecoin legislation, overdraft fees and CFPB reform.
A cyber incident involving the OCC’s email systems led to unauthorized access to highly sensitive information about the financial condition of financial institutions the agency supervises, according to a notice to Congress.
The NFIB Small Business Optimism Index declined by 3.3 points in March to 97.4, falling just below the 51-year average of 98, the National Federation of Independent Business said.
