Kansas City Fed’s George Says FedNow to Be Ready in 2023
Esther George, president and CEO of the Federal Reserve Bank of Kansas City today announced that the FedNow payment system is now expected to be ready in 2023.
Browsing: Policy
ABA Comments on Proposed Interagency Third-Party Risk Management Guidance
ABA provided detailed feedback on interagency third-party risk management guidance proposed by the Federal Reserve, FDIC and OCC.
The Fine Art of Banking and Leadership
Scott Anderson, a consummate behind-the-scenes leader, steps into the spotlight as ABA’s 2021-22 chair.
OCC Releases Updated Libor Transition Self-Assessment Tool
As banks prepare for the forthcoming cessation of Libor, the OCC today released an updated self-assessment tool for banks to evaluate their preparedness for transitioning away from Libor to an alternate reference rate, such as the Secured Overnight Financing Rate.
Florida Lawmakers Express Concerns over IRS Tax Reporting Proposal
Rep. Stephanie Murphy (D-Fla.) today said that proposed requirements for banks to report information on gross inflows and outflows for all accounts above a $600 de minimis level “give me pause,” given the potentially burdensome effects on small community banks.
Nichols Urges Industry-Wide Calling Campaign to Oppose Tax Reporting Provision
In remarks at ABA’s Annual Convention in Tampa today, ABA President and CEO Rob Nichols…
Letting the IRS Into Your Bank Account: Separating Fact from Fiction
The IRS reporting proposal is not the way to address the tax gap. Most Americans agree, and as more of them learn the details, we expect that number will grow.
White House Issues Roadmap for Creating a Climate-Resilient Economy
The White House issued a 40-page report yesterday titled, “A Roadmap to Build a Climate-Resilient Economy,” laying out its view that the health of the U.S. economy is intrinsically linked to climate change and that climate change poses a systemic risk to both the economy and the financial system.
Broad Coalition of Business Trade Groups Pan Tax Reporting Proposal
The American Bankers Association today joined a broad coalition of business trade groups in a letter to House and Senate leaders urging them to reject a Biden administration proposal to require financial institutions to report information about gross inflows and outflows of all accounts above a de minimis threshold of $600.
SEC Reopens Comment Period on Rule to ‘Clawback’ Erroneously Awarded Compensation
The Securities and Exchange Commission today said it would reopen the comment period on a previously issued proposal to implement Section 954 of the Dodd-Frank Act, which relates to listing standards for the recovery or “clawback” of erroneously awarded compensation.