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Newsbytes

The American Bankers Association joined a coalition of nine other trade associations in a letter opposing a bill introduced in the California State Assembly that would create a public banking program, BankCal, within the state treasurer’s office that would provide financial services to California residents.

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Neither the Federal Housing Finance Agency or the banking industry “currently have the expertise to recommend or make changes to enhance the supervisory and regulatory framework” of Fannie Mae, Freddie Mac and the Federal Home Loan Banks with regard to climate-related factors, ABA said in a letter to FHFA today.

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The Treasury Department today announced a new climate policy strategy intended to “bring to bear the full force of [Treasury] on domestic and international policymaking, leveraging finance and financial risk mitigation to confront the threat of climate change.”

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In two letters to House leaders today, the American Bankers Association and 51 state bankers associations expressed support for the SAFE Banking Act of 2021, which would provide a safe harbor for depository institutions seeking to serve legitimate cannabis-related businesses in states where such activity is legal.

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ABA today called for more congressional oversight in light of recent efforts by federal and state agencies to create new bank charters or apply new interpretations to traditional charters that would allow entities to enjoy bank-like benefits while circumventing the rigorous regulatory framework that applies to traditional banks.

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