ABA and BAFT—the association’s global transaction banking subsidiary—today joined several other trade groups in a letter to members of Congress urging them to support bipartisan legislation granting a 10-year reauthorization to the U.S. Export-Import Bank.
The Federal Reserve Board on Friday issued a proposal to extend the deadline for its final rule limiting the amount of credit exposure that foreign banking organizations can have to each other and to other counterparties.
In an interview with MarketWatch published today, FDIC Chairman Jelena McWilliams expressed concern that banks are continuing to originate loans with contracts tied to the London Interbank Offered Rate, despite the fact that the rate is not guaranteed to be available after 2021.
In remarks before a public symposium on small business loan data collection today, Consumer Financial Protection Bureau Director Kathleen Kraninger signaled the importance of balancing the statutory objectives of Section 1071 of the Dodd-Frank Act with the need to avoid negative credit effects on the $1.4 trillion small business lending market.
In a comment letter to the FDIC today, the American Bankers Association again called on the agency to return deposit insurance assessment credits owed to banks as expeditiously as possible, so that they can support the institutions’ lending and liquidity.
As expected, the Federal Reserve Bank of New York today announced plans to publish daily three compounded averages of the Secured Overnight Financing Rate, with tenors of 30, 90 and 120 days, as well as a daily SOFR index to allow users to calculate average rates over custom time periods.
The FDIC’s recent proposal to make changes to the national rate cap does not go far enough to address the problems with the current calculation methodology, ABA said in a comment letter today.
From Vermont to California, states are creating a patchwork of data privacy requirements. Complying with them need not be equally piecemeal.
As part of the National Credit Union Administration’s 2020-21 budgeting process, NCUA Board Member Todd Harper is requesting public comment to his proposal to create a dedicated consumer compliance examination program for larger and more complex credit unions.
The United States Department of Agriculture today issued a long-awaited interim final rule establishing new regulations and procedures for the legal production of industrial hemp, as required by the 2018 Farm Bill.