Policy

ABA: Five-Year CECL Capital Transition Needed

Citing potential high volatility in credit loss allowances under the CECL accounting standard, ABA recently called on the Basel Committee for Banking Supervision to allow banks a minimum of five years to phase into regulatory capital the incremental allowances for credit losses under the CECL standard at the time of initial implementation.

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HUD Suspends Cut in FHA Mortgage Insurance Premiums

In one of its first actions after the inauguration on Friday, the Trump administration suspended a previously announced reduction in mortgage insurance premiums paid by borrowers with new Federal Housing Administration-insured mortgages and refinances.

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Mnuchin Mounts Strong Defense of Banking Career

In an often combative confirmation hearing before the Senate Finance Committee today, Treasury Secretary-Designate Steven Mnuchin made a strong defense of his banking career and emphasized the Trump administration’s plans for regulatory relief and tax reform.

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Reports: Trump Signals Intention to Remove Cordray

A spokesman for President-Elect Donald Trump said yesterday that Trump has interviewed former Rep. Randy Neugebauer (R-Texas) for the post of Consumer Financial Protection Bureau director -- indicating that Trump may be considering removing current director Richard Cordray from his post before his term expires in 2018.

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GOP Senators Introduce CFPB Commission Bill

Sens. Deb Fischer (R-Neb.), Ron Johnson (R-Wis.) and John Barrasso (R-Wyo.) on Wednesday introduced a bill (S. 105) that would replace the Consumer Financial Protection Bureau’s single director with a bipartisan, five-member board.

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HUD Nominee Carson to Take ‘Holistic’ Approach to Housing

Testifying before the Senate Banking Committee today, Housing and Urban Development secretary nominee Dr. Benjamin Carson said he would take a “holistic” approach to affordable housing if confirmed, noting that many factors -- such as healthcare and education -- must be considered when tackling issues affecting low-income Americans.

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