Federal Reserve Chairman Janet Yellen yesterday responded to a letter several House members sent last fall urging regulators to resolve a problem for Subchapter S banks posed by Basel III’s capital conservation buffer. Yellen declined to pursue any policy change, stating that the Fed “continues to believe that the capital conservation buffer should be applied equally to all banking organizations.”
ABA President and CEO Frank Keating in a letter yesterday shared members’ concerns about the Consumer Financial Protection Bureau’s recent decision to publish consumer complaint narratives, and he urged the bureau to improve its portal and database to help “mitigate unfair and inaccurate reputational damage to the banking industry.”
On March 25, 2015, the Supreme Court issued its long-awaited opinion in Young v. United Parcel Service, Inc. to address whether, and to what extent, the Pregnancy Discrimination Act requires reasonable accommodations of pregnancy-related health issues and restrictions.
Whatever the outcome of this rule, it may be moot depending on the Supreme Court’s decision in the four same-sex marriage cases it will decide this term.
ABA President and CEO Frank Keating offered perspective on a wide range of issues — from banking regulation, interest rate increases and the low labor force participation rate to the Meerkat app and presidential politics — in interviews with New York City media outlets yesterday.
The banking agencies should use an advance notice of proposed rulemaking process to formally solicit public and congressional input prior to engaging in international standard-setting discussions, ABA said in a letter to regulators Monday.
ABA yesterday urged bankers and state associations to ramp up their communications with members of Congress and “tell your story” when explaining why various legislative solutions are needed.
Delinquencies in closed-end loans and bank cards rose slightly in last year’s fourth quarter but remain near record lows, according to the ABA Consumer Credit Delinquency Bulletin that was released today.
Circuits are split on the constitutionality of laws prohibiting merchants from imposing a surcharge on customers for using a credit card.
The Federal Reserve should withdraw its proposed capital surcharge for the largest U.S.-based global systemically important banks, ABA said in a comment letter Friday.