Noting the rapid technological transformation of financial services, the Justice Department’s Antitrust Division today requested public comments on whether and how it should revise its guidelines—virtually unchanged since 1995—for reviewing the competitive effects of bank mergers.
ABA joined a group of more than 480 trade groups representing a broad range of industries in a letter to Congress yesterday urging support for liability relief provisions included in S. 4317, the Safe to Work Act—the coronavirus bill released by Senate Republicans earlier this week.
In a comment letter to the National Credit Union Administration on Wednesday, the American Bankers Association called for the withdrawal of a proposal that would allow large credit unions to issue subordinated debt for regulatory capital purposes from outside for-profit investors—such as corporate debt markets—while maintaining their tax-exempt status.
The Supreme Court’s recent denial of the American Bankers Association’s appeal in a case challenging the National Credit Union Administration’s 2016 field of membership rule “is another unfortunate step toward America’s credit unions becoming nothing more than banks that refuse to pay federal income taxes,” ABA Chair Laurie Stewart said today.
Following the Supreme Court decision last week in Seila Law v. CFPB—which held that the bureau may continue to operate but that its single powerful director must be able to be removed at will by the president—the CFPB today ratified most regulatory actions it has undertaken between Jan. 4, 2012, and June 30, 2020.
In a widely anticipated decision, the Supreme Court held today in Barr v. American Association of Political Consultants that the Telephone Consumer Protection Act’s exemption for government debt-related calls is unconstitutional.
The Supreme Court today held that the Consumer Financial Protection Bureau may continue to operate, but ruled that the bureau’s single powerful director must be able to be removed at will by the president.
The FDIC today finalized an ABA-supported rule codifying that permissible interest on loans made by state-chartered banks and insured branches of foreign banks remains valid when a loan is transferred or sold.
The American Bankers Association joined a broad coalition of financial and housing industry groups today in a letter of support for a recent bill, S. 3990, that would replace the Consumer Financial Protection Bureau’s sole director with a bipartisan, five-member commission.
To facilitate banks’ needs to hold meetings during the coronavirus pandemic, the OCC is issuing an interim final rule clarifying that national banks and federal thrifts may hold virtual board, shareholder and (as applicable) member meetings using remote communication tools.