The Federal Financial Institutions Examination Council should “formally establish a transition period” in anticipation of the new TILA-RESPA integrated disclosures taking effect Oct. 3, ABA said in a letter to top financial regulators today.
Thanks to banker grassroots advocacy, bills ABA is advocating as part of its Agenda for America’s Hometown Banks are racking up bipartisan co-sponsors in Congress.
By a 3-2 vote, the Securities and Exchange Commission today approved a final rule requiring public companies to disclose the ratio of the annual compensation of the CEO to the median of the annual compensation of the company’s employees.
ABA today asked the financial regulators and law enforcement agencies to include in their guidance, exam procedures and appropriate regulations the Supreme Court’s framework for using disparate impact analysis to enforce the Fair Housing Act.
Mortgage borrowers who had access to electronically viewed and signed documents at closing — or “eClosings” — felt more empowered, understood the process better and saw greater efficiencies, according to a pilot program conducted by the Consumer Financial Protection Bureau at seven lenders.
Although few banks offer tax refund-related credit and deposit products, the OCC yesterday issued guidance for managing risks associated with these tax refund products.
The Consumer Financial Protection Bureau today issued a bulletin outlining the obligations of servicers in handling private mortgage insurance under the Homeowners Protection Act.
The OCC issued a bulletin today clarifying its limits on physical commodity transactions by banks. Preexisting OCC guidance allows the use of physical commodity transactions to manage risks involved with commodity derivatives provided those activities constitute a “nominal” percentage of overall risk management activities.
Nearly half of all banks outsource at least one compliance obligation. For those that do, the most commonly outsourced are compliance audit and fair lending reviews.
With bipartisan majorities, the House Financial Services Committee yesterday passed several bills that are part of ABA’s Agenda for America’s Hometown Banks.