ABA announced that Sepideh Rowland, senior managing director with FTI Consulting, has been recognized with this year’s ABA Distinguished Service Award for Financial Crimes.
Browsing: ABA news
An interagency proposal to change what financial institutions must report on call reports is flawed in that it would add a new requirement to include modifications for borrowers experiencing financial difficulty, or FDMs, but in a manner that doesn’t align with generally accepted accounting principles and as a result, the banking agencies will lose out on the benefits of the GAAP-based metric, ABA said.
ABA is working to bolster bankers’ efforts in the fight against financial crimes, ABA President and CEO Rob Nichols told attendees at the association’s annual Financial Crimes Enforcement Conference.
The Federal Reserve should extend the public comment period for its notice of proposed rulemaking to significantly lower the cap on debit card interchange fees earned by banks, ABA and nine financial sector associations said in a joint letter.
A CFPB proposal to overhaul how it regulates consumer credit reporting should first be put forward as an advanced notice of proposed rulemaking or else it risks “a rushed, inadequate rulemaking process raises the stakes for dramatic changes to the foundation of the American economy,” ABA, the U.S. Chamber of Commerce and 10 financial industry associations said.
ABA announced that American Bankers Mutual Insurance—the reinsurer for the ABA-endorsed insurance program—has declared a $3.5 million annual distribution to be shared by qualified ABA-member banks insured through ABA Insurance Services, a member of Great American Insurance Group.
ABA and 17 associations asked the Department of Labor for an extension of the public comment period for a proposed new rule that would extend fiduciary status to advice on rollovers and investments related to commodities and insurance products like fixed annuities.
ABA strongly supports efforts by the House Financial Services Subcommittee on Financial Institutions and Monetary Policy to investigate “the chaotic state of global financial standards,” such as the proposed U.S. adoption of the Basel III “endgame” capital standards, the association said.
ABA joined 243 national, state and local industry trade associations to urge the Department of Labor to withdraw its proposed rule that would significantly increase the number of employees who are subject to overtime and minimum wage requirements.
Liquidity has become the primary concern among agricultural lenders for their producer customers, followed closely by farm income levels, according to the 2023 Agricultural Lender Survey by ABA and Farmer Mac.