Newsbytes

ABA-Backed Reg Reform Bill Clears Senate Committee

The regulatory reform bill introduced by Senate Banking Committee Chairman Richard Shelby (R-Ala.) was approved by the committee today. The ABA-supported bill would provide regulatory relief for community, mid-size and regional banks, tailor the regulatory structure for systemically important banks and begin restructuring within the Federal Reserve System and at Fannie Mae and Freddie Mac.

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Existing Home Sales Slow in April

Existing home sales declined 3.3 percent to a seasonally adjusted rate of 5.04 million, down from an upwardly revised 5.21 million in March. Existing home sales remain 6.1 percent higher than last year, despite last month’s decline.

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GSEs Issue New Seller, Servicer Eligibility Requirements

At the direction of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac yesterday announced new standards that mortgage institutions would have to meet in order to sell loans to or service loans on behalf of the housing GSEs. The new standards include net worth, capital and liquidity requirements both for depository institutions and for nonbanks.

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State Associations Welcome Shelby’s Reg Reform Bill

All 53 state bankers associations yesterday expressed their support for the financial regulatory reform proposal offered by Senate Banking Committee Chairman Richard Shelby (R-Ala.). The bill is set to be considered by the committee later today.

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New FinCEN Deputy Director Named

FinCEN announced that Jamal El-Hindi will be FinCEN's new deputy director. El-Hindi joined FinCEN in 2006 where he was head of the former regulatory policy and programs division.

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FOMC Minutes: June Rate Hike Not Likely

Many participants said that a June rate hike is unlikely, according to the minutes from the April 17-19 Federal Open Market Committee meeting. However, a few participants anticipated that conditions for beginning policy firming will have been met by June.

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Volcker Rule Compliance Deadline Approaches

Just two months remain before the Volcker Rule goes into effect on July 21, and ABA will host a conference call on Wednesday, May 27, to allow bankers to discuss exam preparedness and Volcker-specific compliance issues.

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Sen. Perdue Introduces Bill to Increase Oversight of CFPB

Sen. David Perdue (R-Ga.) yesterday introduced a bill that would subject the Consumer Financial Protection Bureau to the congressional appropriations process, extending Congress’ oversight of the agency. The CFPB is currently funded directly by the Federal Reserve.

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