Browsing: Policy

Legal

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.

Legal

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.

Community Banking

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.

Newsbytes

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.

Compliance and Risk

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.

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