The Federal Reserve today requested comments on changes that the regional Federal Reserve Banks would make in connection to NACHA’s same-day ACH rule.
ABA President and CEO Frank Keating welcomed Richard Shelby’s regulatory reform bill as a “wonderful first step” during an interview on Fox Business’ “Before the Closing Bell” program today.
MasterCard today said that not enough MasterCard-issuing banks accepted the proposed $19 million settlement with Target by the May 20 deadline.
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.
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.
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.
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.
New York State Superintendent of Financial Services Benjamin Lawsky announced yesterday that he will step down as superintendent next month.
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.
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.