House Hearing Today to Focus on ABA ‘Agenda’ Bills
ABA submitted a statement for the record in today’s House Financial Services Committee hearing on protecting consumer financial choices.
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CFPB Extends Oversight to Nonbank Auto Lenders
The Consumer Financial Protection Bureau yesterday finalized a rule allowing it to supervise nonbank auto finance companies, giving the bureau more comprehensive oversight over the auto lending market.
Household Net Worth Rises by $1.6 Trillion, Savings Rate Jumps to 5.5 Percent
Household net worth increased by $1.6 trillion during the first quarter of 2015 to $84.9 trillion, a 2 percent increase over the fourth quarter and a 5.7 percent increase from a year ago.
Retail Sales Climb in May
There were $444.9 billion of retail and food services sales in May (after adjustment for seasonal variation and holiday and trading-day differences but not for price changes), according to the U.S. Census Bureau. This level represented an increase of 1.2 percent from the previous month, and 2.7 percent from May of last year.
House Passes Derivatives Clearing Relief for Small Banks
The full House yesterday passed a spending bill that includes a provision granting an exemption from derivatives clearing requirements for small bank holding companies.
Onerous Tax Reporting Provision Removed from Trade Bill
Following advocacy by ABA, state associations, bankers and other financial trade groups, a controversial revenue-raising provision in trade preferences bill H.R. 1295 was removed.
House Approves Measure Limiting Disparate Impact Analysis
By a 231-195 vote, the House yesterday passed an amendment to a government spending bill that would prevent the use of disparate impact analysis by the Department of Housing and Urban Development under the Fair Housing Act.
Agencies Finalize Joint Diversity Assessment Standards
Six financial regulators today issued a set of final guidelines for the firms they oversee to assess their diversity policies and practices.
Curry Emphasizes Board Role in Setting Tone
The OCC looks to boards of directors in addition to senior management to set a tone at a bank that “encourages ethical and responsible behavior and demands individual accountability,” Comptroller of the Currency Thomas Curry said at an industry event in New York today.
ABA’s Carney: TruPS Issue Comes Back to Haunt Community Banks
Despite regulators’ action — and ABA’s lawsuit — after the Volcker Rule to protect existing bank investments in trust preferred securities, community bankers are facing the same issue as the Basel III capital standards come into effect, ABA VP Hugh Carney wrote in an American Banker op-ed today.