ABA is seeking banker input on how the Department of Labor’s controversial overtime proposal — which would more than double the current salary necessary for employees to be exempt from overtime and will affect most banks in the country — would affect their banks.
ABA yesterday issued a bank members-only staff analysis of the Defense Department’s final rule under the Military Lending Act tightening restrictions on lending to service members and their families.
With final authorization from the New Hampshire Department of Banking yesterday, Primary Bank in Bedford, N.H., yesterday became the newest U.S. bank to open for business.
The Consumer Financial Protection Bureau yesterday released the Spanish version of “Your Home Loan Toolkit,” intended to help consumers understand the new Loan Estimate and Closing Disclosure forms that lenders are required to begin providing in October.
Following their review of resolution plans submitted last year, the Federal Reserve and FDIC yesterday said they are providing additional guidance — including areas for improvement in some cases — to 119 financial firms that will be expected to file updated resolution plans in December.
The conforming loan limits for mortgages that Fannie Mae and Freddie Mac will purchase are too high, ABA said in a comment letter yesterday. Given post-crisis house price declines, the average mortgage loan amounted to $294,000 in March 2014 — well below the GSEs’ $417,000 and $625,500 in high-cost areas.
The new recordkeeping standards contemplated by the FDIC for banks with more than 2 million deposit accounts — intended to help the agency determine promptly whether deposits are insured or not after a bank fails — would require major upgrades to bank IT systems, ABA said in a comment letter yesterday.
The 20-City Case-Shiller Composite gained 4.9 percent year-over-year in May, slightly lower than April’s gain. The 10-City Composite gained 4.7 percent from the previous year, slightly higher than the year-over-year gain in April. The National index recorded a 4.4 percent gain on an annual basis, compared to a 4.3 percent annual gain in April. On
ABA today urged the House Financial Services Committee to approve several bills that are part of ABA’s Agenda for America’s Hometown Banks when the panel meets tomorrow.
The National Credit Union Administration is a “captured regulatory agency,” as evidenced by the credit union industry’s attempt to have NCUA “end run” limits on business loans imposed by Congress, the Washington Times said in a Sunday editorial.