S. 2155 Rule Changes to Be Done by Year-End, Regulators Say
The heads of the banking agencies told lawmakers that they expect to have regulatory changes from the S. 2155 regulatory reform law implemented by year-end.
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FinCEN Reissues Real Estate Geographic Targeting Orders
The Financial Crimes Enforcement Network today reissued its geographic targeting orders temporarily requiring U.S. title insurance companies in specified areas to identify the individuals behind companies used to conduct high-end, all-cash real estate transactions.
FASB Issues Limited CECL Transition Guidance
Responding to requests from certain specialty lenders, FASB yesterday said it would allow companies to avoid CECL by electing a “fair value option” for certain assets.
ABA Urges CFPB to Exclude Traditional Consumer Loans from Payday Rule
In a comment letter to the Consumer Financial Protection Bureau yesterday, ABA urged the bureau to revise its payday rule to exclude traditional consumer loans offered by banks, such as “bridge” loans, demand lines of credit and loans secured by securities.
ABA Calls for CECL Delay, Quantitative Impact Study in Letter to Rep. Meeks
In a letter to Rep. Gregory Meeks (D-N.Y.) today, the American Bankers Association reiterated its call for a delay in the implementation of the current expected credit loss accounting standard until a quantitative impact study can be conducted and the full economic effects of CECL can be determined.
Otting, McWilliams: Agencies Moving Toward More Risk-Based AML Approach
The federal banking agencies plan to reintroduce the examination manual for anti-money laundering/Bank Secrecy Act compliance later this year, Comptroller of the Currency Joseph Otting told the Senate Banking Committee today.
ABA, Financial Trade Groups Call for Changes to Margin Rules
The American Bankers Association joined several financial trade organizations in a letter to the prudential regulators earlier this week calling on them to modify the margin rules for non-cleared swaps and security-based swaps to better align them with international standards.
GAO Finds Inconsistencies in Agencies’ Communication, Use of Supervisory Data
A recent review by the Government Accountability Office found notable variations in how federal banking regulators communicate their supervisory concerns to the institutions they oversee.
Trade Groups Support FDIC’s Part 370 Recordkeeping Proposal
In a joint comment letter with the Bank Policy Institute and the Consumer Bankers Association yesterday, ABA offered support for a recent FDIC proposal seeking to make changes to Part 370 of its regulations for “recordkeeping for timely deposit insurance determination.”
Household Debt Continues Up
Outstanding household debt increased by 0.9% in the first quarter of 2019, rising by $124 billion to land at $13.67 trillion, the Federal Reserve Bank of New York reported today.