Lawmakers must “determine the structure of [Fannie Mae and Freddie Mac] and the secondary mortgage market for the post-conservatorship world,” the Federal Housing Finance Agency emphasized today in its annual report to Congress.
ABA this week joined a coalition of financial, insurance and employment trade groups in a letter supporting S. 4353, the bipartisan Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg Act, or the Rise and Shine Act.
The proposal would mandate that financial institutions report information on gross inflows and outflows of all customer accounts above a de minimis level of $10,000 to the IRS.
The CFPB is seeking public feedback “related to relationship banking and how consumers can assert the right to obtain timely responses to requests for information about their accounts from banks and credit unions with more than $10 billion in assets, as well as from their affiliates,” according to a request for information issued today.
Ahead of a markup scheduled to begin tomorrow in the House Financial Services Committee, ABA sent a memo to lawmakers expressing opposition for H.R. 4277, the Overdraft Protection Act. Sponsored by Rep. Carolyn Maloney (D-N.Y.), the bill would amend the Truth in Lending Act to make changes to existing overdraft rules.
Top economic and regulatory officials at the Basel, Switzerland Bank for International Settlements emphasized the limits of the financial industry’s ability to reduce climate risk in a new article this week, calling it “unrealistic” to assume that the financial sector could drive the reallocation of resources needed to transition to a global green economy “in the absence of adequate environmental policymaking in the real economy.”
ABA joined the California Bankers Association and the Pennsylvania Bankers Association today in releasing voter education ads recognizing two lawmakers for their work to support communities and avoid government overreach.
Any sincere effort to improve financial inclusion through credit unions must include comparable mechanisms to ensure accountability, the banking groups said.
Sens. Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) today introduced the Responsible Financial Innovation Act—a bill that would create a regulatory framework for digital assets.
The Commodity Futures Trading Commission today issued a request for information regarding climate-related financial risks related to the derivatives markets and underlying commodities markets—the latest federal regulatory agency to issue a climate-related RFI.