In a detailed comment letter to the FDIC on Friday, the American Bankers Association called for updates to the agency’s 25-year-old guidelines regarding bank merger transactions, acknowledging the significant changes that the financial services industry has undergone since they were originally put in place.
ABA yesterday joined a broad coalition of more than 40 trade groups—led by the California Chamber of Commerce—in a letter to the California Assembly Natural Resources Committee opposing S.B. 260, a comprehensive greenhouse gas disclosure bill.
According to ABA, at present, a U.S. CBDC doesn’t solve a specific financial problem or respond to a pressing economic need.
In a new circular, the CFPB said that under the Equal Credit Opportunity Act and Regulation B, creditors are not permitted to use complex algorithms in credit decision-making if doing so means they are unable to provide “the specific and accurate reasons for adverse actions.”
Rep. McHenry (R-N.C.), ranking House Financial Services Committee member, said a well-regulated space is necessary for the digital asset/cryptocurrency ecosystem.
As lawmakers attempt to reconcile the House and Senate versions of the America Competes Act, the Conference for State Bank Supervisors today advocated for the SAFE Banking Act to be included in the final version of the bill.
The International Banking Federation—of which ABA is a member—filed a comment letter last week with the Organization for Economic Cooperation and Development regarding the international taxation of financial institutions.
The CFPB today announced that it will open a new Office of Competition and Innovation. This new office will replace the bureau’s existing Office of Innovation, which was established in 2018 and focused on allowing companies to apply for no-action letters and regulatory sandboxes in order to test specific innovative product offerings.
NFIP is “essential” so borrowers in flood-prone areas can access mortgage collateral and insurance to protect their properties, ABA said.
In a special bonus episode of the ABA Banking Journal Podcast, ABA’s Rob Morgan digs into the association’s comments on the Federal Reserve’s discussion paper on central bank digital currencies.