Testifying before the Senate Banking Committee today, Acting Comptroller of the Currency Michael Hsu said that the OCC has aggressive internal timelines for working with the Federal Reserve and FDIC to put forward a joint rulemaking that strengthens and modernizes the Community Reinvestment Act.
The Consumer Financial Protection Bureau today said it would not delay the effective date of two final rules issued under the Fair Debt Collection Practices Act, which governs the activity of third-party debt collectors.
By a voice vote on Thursday, the House Financial Services Committee passed H.R. 4590, the Promoting New and Diverse Depository Institutions Act, introduced by Rep. Jake Auchincloss (D-Mass.).
In a highly anticipated move today, the Alternative Reference Rates Committee formally recommended CME Group as the administrator for a Secured Overnight Financing Rate term rate—a major milestone in the transition away from Libor.
The Small Business Administration today released guidance on how it will accept Paycheck Protection Program loan forgiveness applications directly from borrowers—bypassing the lending institutions—for loans of $150,000 or below.
A U.S. central bank digital currency “is unlikely to be an equally effective tool for all of the purposes for which it has been advanced, or even to be effective for some stated purposes at all,” the Clearing House said in a paper published today.
The American Bankers Association and a coalition of financial trade groups wrote in support today of the Adjustable Interest Rate (Libor) Act to address “tough legacy” contracts that currently reference Libor but lack adequate fallback language and can’t be amended to add it.
The Small Business Administration will tomorrow launch an initiative to accept Paycheck Protection Program loan forgiveness applications directly—bypassing the lending institutions—for loans of $150,000 or less, officials said today on a webinar reported by Politico.
As advocated by American Bankers Association, the Conference of State Bank Supervisors today published model state regulatory prudential standards for nonbank mortgage servicers.
With the transition away from Libor now well underway, BAFT, the American Bankers Association subsidiary association for international transaction banking, and two other trade finance groups today published a new report discussing potential implications for the trade finance industry.