Comparative stress testing in the U.S. and Switzerland
In the U.S., stress tests could benefit from a different starting point besides increases in the unemployment rate, while the Swiss system demonstrates the value of greater transparency.
Browsing: Policy
Fed’s Bowman again urges targeted regulatory response to bank failures
Federal Reserve Governor Michelle Bowman once again called for a “targeted” regulatory response to the recent bank failures, pushing back against broader reforms that “appear to advocate a shift away from tailoring and risk-based supervision.”
FinCEN, Commerce Department issue joint alert on Russia sanctions
The Financial Crimes Enforcement Network and the Commerce Department’s Bureau of Industry and Security issued a supplemental joint alert urging continued vigilance on the part of U.S. financial institutions for potential attempts by Russia to evade export controls.
ABA, trade groups: CFPB research skirts legal requirements
In a joint letter, ABA, the U.S. Chamber of Commerce and three other banking and credit union trade associations criticized the Consumer Financial Protection Bureau’s proposed study of disclosures as circumventing Paperwork Reduction Act requirements intended to ensure agency research maximizes the utility of information collected.
Sens. Tillis, Tester call for independent investigation of bank failures
Sens. Thom Tillis (R-N.C.) and Jon Tester (D-Mont.) urged President Biden to appoint an independent investigator to further probe the recent bank failures.
ABA joins Texas lawsuit to block CFPB’s Section 1071 rule
ABA President and CEO Rob Nichols announced today that ABA has joined a lawsuit filed by the Texas Bankers Association and McAllen, Texas-based Rio Bank challenging the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act.
Fed’s Jefferson: Inflation remains too high
While inflation has come down substantially since last summer, it is still too high, and by some measures progress has been slowing, Federal Reserve Governor Philip Jefferson said today during an insurance conference in Washington, D.C.
ABA: Stablecoin issuers need to be regulated like banks
Stablecoin issuance is a monetary exercise comparable to what regulated banks do and should be supervised accordingly to ensure financial stability and consumer protection, ABA said in a statement to the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion.
ABA urges cautious approach to single-family social bond policy
ABA filed comments in response to the Federal Housing Finance Agency’s recent request for input on a single-family social bond policy for Fannie Mae and Freddie Mac, with the association offering considerations should the agency further pursue the policy.
Committee heads ask SBA to pause small business lending changes
The leaders of the House and Senate small business committees asked the Small Business Administration to “pause” changes to its lending programs until a permanent associate administrator is confirmed to oversee the programs