While the coronavirus pandemic has accelerated digital banking and deposit-taking, outdated laws stand in the way of a modern regulatory treatment of deposits, ABA President and CEO Rob Nichols wrote in an American Banker op-ed today.
ABA joined the California Bankers Association and other industry groups in a letter opposing A.B. 1436, a bill introduced in the California legislature that would mandate specific outcomes for mortgage forbearance relief, require excessively prescriptive post-forbearance repayment and impose significant legal liability.
As Congress negotiates a new round of coronavirus relief, including an extension of the Paycheck Protection Program, ABA and several other banking groups urged senators to provide clarity and enhancements in the legislative text.
ABA today welcomed the Department of Labor’s long-awaited re-proposal to regulate investment advice fiduciaries under the Employee Retirement Income Security Act.
As Senate leaders continue to negotiate provisions in the latest round of legislative coronavirus relief, the 51 state bankers associations today urged them to include S. 4159, the E-Sign Modernization Act, in the package.
With the London Interbank Offered Rate relied on by many banks not guaranteed to be available after 2021, ABA and the Consumer Bankers Association today welcomed the Consumer Financial Protection Bureau’s proposed changes to Regulation Z designed to facilitate the transition away from Libor.
The Small Business Administration today released a new set of frequently asked questions regarding the forgiveness of Paycheck Protection Program loans and reflecting recent changes to the program that were included in the PPP Flexibility Act.
ABA this week joined a coalition of housing and financial trade groups in a letter urging the Federal Housing Administration to change its current underwriting policy on student loan debt, noting that current requirements “may be disqualifying otherwise creditworthy borrowers” from qualifying for FHA financing.
As reported by Politico this week, Senate Banking Committee Chairman Mike Crapo (R-Idaho) wrote to the heads of the financial regulatory agencies urging them to extend certain CARES Act relief provisions.
The American Bankers Association wrote to Senate Armed Services Committee Chairman Jim Inhofe (R-Okla.) today to oppose two private student loan amendments included in the House version of the National Defense Authorization Act that the association noted were “financially infeasible and could lead banks to exit the private student loan market.”