The American Bankers Association joined the Bank Policy Institute and the Consumer Bankers Association today in expressing strong opposition to an application for deposit insurance submitted by Rakuten—a major Japanese e-commerce company—for its U.S. bank subsidiary, Rakuten Bank America.
Recognizing the significant and long-lasting effects of the coronavirus pandemic on financial institutions, federal and state financial regulators today issued joint guidance for how examiners should assess the effects of COVID-19 on the safety and soundness of banks and credit unions.
In a letter to House leadership today, the American Bankers Association expressed its opposition for H.R. 5332. Introduced by Rep. Josh Gottheimer (D-N.J.), the Protecting Your Credit Score Act of 2020 is scheduled to be considered this week.
The Small Business Administration tonight issued a new interim final rule implementing in regulation changes made to the Paycheck Protection Program loan forgiveness process by the PPP Flexibility Act and other recent developments, including the SBA’s simplified Form 3508EZ forgiveness application.
The Consumer Financial Protection Bureau today took a significant step to revise its Qualified Mortgage rule, issuing a proposal to replace the use of the 43% debt-to-income ratio as a QM qualification standard with a price-based approach.
Noting that many banks grew loans substantially in response to credit needs during the coronavirus pandemic, the OCC and FDIC today issued rules to ensure that banks do not pay increased assessments as a result of their increased lending amid the pandemic.
The latest stress test results for the nation’s largest banks will include a “sensitivity analysis” of how institutions would perform under three distinct scenarios related to the coronavirus pandemic and economic recovery, Federal Reserve Vice Chairman for Supervision Randal Quarles said today.
The American Bankers Association joined a broad coalition of financial and housing industry groups today in a letter of support for a recent bill, S. 3990, that would replace the Consumer Financial Protection Bureau’s sole director with a bipartisan, five-member commission.
In an American Banker op-ed today, American Bankers Association President and CEO Rob Nichols and Association of Military Banks of America President and CEO Steve Lepper condemned a recent move by the National Credit Union Administration to designate all active-duty personnel as low income.
Under a new pilot program launched by the Consumer Financial Protection Bureau today, entities seeking to comply with existing regulations may request an advisory opinion from the bureau to address areas of uncertainty.