The House Financial Services Committee yesterday passed three ABA-supported bills addressing the Consumer Financial Protection Bureau and proposed limitations on retirement advice.
In her opening remarks for the St. Louis Fed’s third annual Community Banking Research and Policy Conference, Federal Reserve Chairman Janet Yellen emphasized the importance of tailored regulation of banks with different asset bases and business models.
ABA is urging all bankers to phone their senators today and tomorrow to ask them to support S. 1484, the ABA-backed Financial Regulatory Improvement Act introduced by Sen. Richard Shelby (R-Ala.).
Rep. Stephen Fincher (R-Tenn.) last week introduced a bill that would reauthorize the Export-Import Bank, whose congressional authority lapsed on July 1. The bill, H.R. 3611, is a companion to bipartisan legislation that enjoys broad support in the Senate.
Testifying before the House Financial Services Committee today, Consumer Financial Protection Bureau Director Richard Cordray signaled that the bureau and other financial regulators are working on guidance for a formal ‘hold-harmless’ period to facilitate compliance after the TILA-RESPA integrated disclosures take effect on Saturday.
Government shutdowns and debates over fiscal deadlines correlate with sharp drops in consumer optimism.
Ninety-six House Democrats wrote to Labor Secretary Tom Perez on Wednesday urging changes to DoL’s controversial proposed rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act.
ABA yesterday filed a comment letter on changes to stress tests and capital planning exercises for large and mid-sized banks. The Federal Reserve proposed the changes to the Comprehensive Capital Assessment and Review and Dodd-Frank Act stress tests in July.
Sen. Heidi Heitkamp (D-N.D.) yesterday introduced a bill that she said would make it easier for borrowers to refinance private student loan debt, which accounts for 7 percent of outstanding student debt.
Senate Appropriations Committee Chairman Thad Cochran (R-Miss.) yesterday unveiled a draft spending bill keeping the federal government open through Dec. 11.