Ahead of tomorrow’s markup of the bipartisan Secure and Fair Enforcement Banking Act—which would address the issue of providing financial services to cannabis-related business—the American Bankers Association wrote to members of the House Financial Services Committee today in support of the bill.
Citing rising credit risk in its single-family loan portfolio, the Federal Housing Administration this month reintroduced manual underwriting requirements for single-family mortgages with credit scores under 620 and debt-to-income ratios exceeding 43 percent.
Smaller debit card issuers—those covered by the Durbin amendment’s routing provision but not its interchange fee cap—continued to see a decline in debit interchange revenue, according to the Federal Reserve’s biennial survey of debit card issuers’ economics released today.
The OCC today proposed to amend its assessment rules to provide partial refunds to national banks, federal thrifts and federal branches of foreign banks that leave OCC jurisdiction before the end of the six-month assessment period.
Responding to a request for feedback on consumer privacy legislation from Senate Banking Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Sherrod Brown (D-Ohio), ABA today emphasized banks’ strong privacy and data security framework under the Gramm-Leach-Bliley Act and called for Congress to take an approach that ensures consistent privacy protections while promoting marketplace efficiency.
With uncertainty rising around the United Kingdom’s pending withdrawal from the European Union, five federal regulatory agencies today issued an interim final rule to allow qualifying swaps to be transferred from a UK entity to an affiliate in the EU or the U.S. without triggering new requirements.
The FDIC today issued a final rule to rescind Part 350 from the Code of Federal Regulations, removing an annual disclosure requirement that was duplicated by data publicly available on the FDIC’s website.
As the House Financial Services Committee today held a hearing on the financial crime, the American Bankers Association joined eight other financial trade organizations in a letter to committee leaders highlighting the need for a national beneficial ownership registry.
As financial regulators continue their review of the Community Reinvestment Act regulations, Federal Reserve Governor Lael Brainard today said that they are considering making adjustments to the assessment area definition that would allow banks to receive CRA consideration for community developments in a more expansive area.
Noting that “the agencies still have work to do” to reform the Volcker Rule, FDIC Chairman Jelena McWilliams today emphasized that greater clarity is needed about which activities are covered by the rule.