After extensive negotiations, the U.S. and the European Union agreed on Wednesday to accept each other’s derivatives rules in order to preserve the smooth functioning of the $550 trillion global derivatives market.
The House Judiciary Committee today passed a bill that would create new provisions in the federal bankruptcy code to wind down a failing large bank with more than $50 billion in assets.
Reps. Randy Hultgren (R-Ill.), Terri Sewell (D-Ala.) and Blaine Luetkemeyer (R-Mo.) yesterday introduced the Community Bank Reporting Relief Act, an ABA-supported measure that would streamline bank reporting by permitting well-capitalized and highly rated banks to file a short-form Call Report in the first and third quarters each year. The full Call Report would be required in other quarters.
In a joint op-ed with several trade group CEOs today, ABA President and CEO Rob Nichols voiced his opposition to the Department of Labor’s proposal to redefine who counts as a fiduciary under the Employee Retirement Income Security Act.
The dividends that regional Federal Reserve Banks pay to member banks on the stock they are required to hold is a historically important part of attracting banks to join the Federal Reserve System and limiting the shadow banking sector, according to a research brief released today by the Federal Reserve Bank of Richmond.
President Obama today signed an executive order launching a Cybersecurity National Action Plan to help the federal government and businesses protect Americans from cyber attacks.
Proposed regulations from the National Credit Union Administration would render the concept of a common bond between credit union members meaningless, ABA said in a comment letter filed today. NCUA has proposed to expand the already loose fields of membership from which federal credit unions can draw their customers.
By a bipartisan 250-to-169 vote, the House today approved a bill that would end the Justice Department’s Operation Choke Point initiative, which sought to curtail disfavored businesses by working through regulators to pressure financial institutions to end customer relationships with these businesses.
By vote margins of 22 to 14, the House Education and Workforce Committee approved two bills that would provide alternatives to the Labor Department’s rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act.
The OCC is seeking comments on proposed changes to its Bank Secrecy Act/Money Laundering Risk Assessment, or MLRS, which evaluates the BSA/AML and OFAC sanctions risks associated with bank products and serves as an important tool for the OCC’s BSA/AML/OFAC supervision program.