ABA pressed DOL for a number of changes from the proposed rule, which was widely viewed as draconian and unworkable. Two significant revisions in particular were made specifically as a result of ABA’s advocacy.
The Labor Department’s final rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act and Internal Revenue Code was released today and includes a number of revisions from its initial proposal, several of which were advocated by ABA.
Speaking at the agency’s community banking conference today, FDIC Vice Chairman Thomas Hoenig again offered a “legislative remedy” for excessive and ill-tailored regulatory burden for banks engaged in what he called “traditional banking activities,” which would encompass most community banks and some regional banks as well.
The Federal Reserve today issued its final rule counting certain municipal securities as high-quality liquid assets under the Liquidity Coverage Ratio — a step ABA has long advocated.
ABA today applauded the OCC for its white paper outlining principles for how the agency will support innovation in the financial system.
Nearly 30 CEOs from the American Bankers Association’s American Bankers Council — which represents midsize banks in the $4-110 billion asset range — will convene in Washington, D.C., today for two days of meetings with top regulators and lawmakers.
In a letter to the federal banking agencies today, a bipartisan group of 133 House members asked what regulators are doing to tailor their rules to the diverse entities they supervise and to identify areas where they need additional legislative authority to tailor rules.
The Basel Committee on Banking Supervision today released a proposed framework that would limit some of the flexibility that the largest banks have in calculating risk weights for certain kinds of assets.
ABA today filed its fourth and final comment letter in response to the decennial EGRPRA regulatory burden review that the federal banking agencies must conduct. The letter addressed several issues that ABA identified through collaboration with banks of all sizes and from across the country.
ABA yesterday sent letters to the leaders of the House and Senate appropriations subcommittees on agriculture that expressed support for the USDA’s Farm Service Agency Guaranteed Farm Loan Programs and requested, among other things, greater flexibility and funding for specific programs.