Author Archives: Charlotte Birch

Labor Department to Host Public Feedback Events on Overtime Rule

As the U.S. Department of Labor continues to examine potential revisions to the Obama administration’s “overtime rule” — adopted in 2016 but which never took effect due to a federal judge’s ruling later that year — the department has scheduled five public “listening sessions” in September to receive feedback. The overtime rule raised the salary level for the executive, administrative ...

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Senate Confirms Clarida for Fed Vice Chair

The Senate today voted 69-26 to confirm economist and monetary policy specialist Richard Clarida to serve as Federal Reserve vice chairman. Clarida is currently a global strategic advisor at Pimco, an American investment firm, and previously served as assistant Treasury secretary for economic policy under the George W. Bush administration. ABA President and CEO Rob Nichols applauded the vote, noting ...

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Fed Issues Rule Offering Relief for Small Bank Holding Companies

The Federal Reserve Board today issued an interim final rule implementing a provision in S. 2155 that raises the asset threshold for relief under the Fed’s small bank holding company policy statement from $1 billion to $3 billion. It also applies to savings and loan holding companies with less than $3 billion in total consolidated assets. ABA has long advocated ...

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OCC Asks for Feedback on Modernizing CRA

The OCC today issued a long-anticipated advance notice of proposed rulemaking seeking input on the best ways to modernize Community Reinvestment Act regulations. The ANPR asks for comment on several issues, including how to: Encourage more lending in areas that need it most, including low- and moderate-income areas Broaden and clarify the types of activities eligible for CRA consideration Update ...

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CFPB Responds to Senate Letter on Tailored Regs

Consumer Financial Protection Bureau Director Richard Cordray replied Wednesday to a letter spearheaded by Senate Banking Committee members Joe Donnelly (D-Ind.) and Ben Sasse (R-Neb.) that urged the bureau to exempt community banks and credit unions from certain regulations. The letter, cosigned by a bipartisan group of 70 senators, had cited a provision of the Dodd-Frank Act allowing the bureau ...

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OCC Updates Bank Accounting Advisory Series

The Office of the Comptroller of the Currency released an update to its Bank Accounting Advisory Series that includes recent answers to frequently asked questions in areas such as contingencies and fair value accounting. The BAAS is intended to promote consistent application of accounting standards among national banks and federal savings associations. While it does not represent official OCC regulations, ...

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Agencies Issue 2015 CRA Small-Biz, Small-Farm Loan Data

The federal banking agencies today issued aggregate data on 2015 small-business, small-farm and community development loans that institutions reported under the Community Reinvestment Act. The data, which commercial banks and savings institutions with about $1.2 billion or more in assets are required to report and others can report voluntarily, show that such institutions made about 6.1 million small-business loans, totaling ...

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Mortgage Rates Down Slightly

The rate for a 30-year fixed-rate mortgage averaged 3.43 percent this week, down from the previous week’s 3.45 percent, Freddie Mac said today. At this time last year, the 30-year FRM rate averaged 3.93 percent. This week’s 15-year FRM averaged 2.74 percent, down from 2.76 percent last week. A year ago, the 15-year FRM averaged 3.15 percent.

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Trades Urge HUD, VA to Allow Comment on PACE Guidance

ABA and several trade groups wrote to the Department of Housing and Urban Development and the Department of Veterans affairs yesterday regarding recently issued guidance on Property Assessed Clean Energy loans, which provide homeowners a way to have their homes undergo energy-efficient retrofitting financed through property tax assessments. The groups urged the departments to suspend the applicability of the guidance ...

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