Browsing: Newsbytes

Newsbytes ABA, BAFT raise concerns with cross-border payments proposal

The Bank for International Settlements’ proposed harmonization requirements for cross-border payments have not struck the right balance, and if mandated in their current form, would make cross-border payments slower, more expensive and less accessible than they are today, according to ABA, BAFT and the Clearing House

Newsbytes ABA opposes expansion of credit unions’ field of membership

In a comment letter, ABA opposed the National Credit Union Administration’s proposed rule to significantly expand federal credit unions’ field of membership to include out-of-state remote workers and noncontiguous rural districts, resulting in a pathway for FCUs to obtain a nationwide FOM

Economy Report finds MDIs key to closing racial wealth gap

Assets at minority depository institutions grew from $246 billion in 2010 to $329 billion in 2022, with a significant amount of that growth occurring between 2019 and 2021, according to a new report on MDIs by the National Bankers Association Foundation.

Mortgage FHA proposes new tool for struggling homeowners

FHA is seeking feedback on a proposal to allow mortgage servicers to use the FHA Partial Claim to both bring a borrower’s mortgage current and provide temporary reductions for monthly mortgage payments for up to five years.

Newsbytes ABA cautions FASB against changing income tax disclosure requirements

Existing income tax disclosures for investors, lenders and others who use financial statements to make capital allocation decisions are generally fair, and a proposal by the Financial Accounting Standards Board to expand those requirements wouldn’t improve a user’s assessment of the prospects for future cash flows, and may even lead to confusion and incorrect conclusions, ABA said in comments to FASB.

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