President Biden yesterday announced that he will nominate Saule Omarova to serve as comptroller of the currency.
In an overwhelming, bipartisan vote this week, the House Rules Committee agreed to include the SAFE Banking Act—an American Bankers Association-supported bill that provides clarity to financial institutions seeking to serve legitimate cannabis businesses—as an amendment to the National Defense Authorization Act.
The fight on Capitol Hill over the Biden administration’s controversial tax proposal is likely to go on for another four to six weeks, and the proposal may continue to be raised after that, according to ABA EVP James Ballentine.
Following misunderstanding about Freddie Mac’s rules for purchasing mortgages secured by group homes, the Department of Housing and Urban Development and the Federal Housing Finance Agency released a policy clarification.
In a statement for the record shared ahead of a House Financial Services subcommittee hearing on consumer access to personal financial data tomorrow, the American Bankers Association emphasized that it fully supports customers’ ability to access and share their financial data in a secure, transparent manner that gives them control.
The American Bankers Association, along with more than 40 trade associations, sent a joint letter to House leadership expressing concerns about a controversial tax reporting provision floated by the Biden administration that would expand mandatory IRS reporting on bank account transactions.
Treasury Secretary Janet Yellen this week called on House Ways and Means Committee Chairman Richard Neal (D-Mass.) to include in the reconciliation package the Biden administration’s controversial provision that would require financial institutions to report information to the IRS on gross inflows and outflows on customer accounts above a de minimis level of $600—a provision strongly opposed by the American Bankers Association.
The Federal Housing Finance Agency proposed changes to the prescribed leverage buffer amount and the capital treatment of risk transfers under enterprise regulatory capital framework for Fannie Mae and Freddie Mac.
In remarks at an industry event today, Acting Comptroller of the Currency Michael Hsu called for coordination between regulatory agencies to address the significant changes that are taking place in the banking industry, particularly those related technology, payments and the rise of cryptocurrencies and decentralized finance.