A bipartisan group of 70 senators wrote to the Consumer Financial Protection Bureau yesterday, calling on the agency to exempt community banks and credit unions from certain regulations.
Testifying before the Senate Banking Committee today, ABA EVP Wayne Abernathy made the case for reducing the complexity of capital and liquidity rules, which he said would not only enhance bank supervision and management, but benefit bank customers.
The OCC today issued guidance on money market mutual funds, or MMFs, for banks that offer MMFs to customers or that automatically sweep funds between deposit accounts and MMFs, as well as banks that invest in MMFs.
The FDIC board today voted to propose the U.S. version of the Net Stable Funding Ratio, a long-term liquidity measurement included in the Basel III liquidity standards.
In a comment letter to the Department of Treasury today, ABA and the ABA Securities Association applauded the department’s efforts to review the structure and function of the U.S. Treasury market and encouraged Treasury to fully examine the effects of the current regulatory environment on both market activity and bank customers.
The Federal Reserve today issued its final rule counting certain municipal securities as high-quality liquid assets under the Liquidity Coverage Ratio — a step ABA has long advocated.
ABA today filed its fourth and final comment letter in response to the decennial EGRPRA regulatory burden review that the federal banking agencies must conduct. The letter addressed several issues that ABA identified through collaboration with banks of all sizes and from across the country.
Speaking to the more than 1,000 attendees at ABA’s Government Relations Summit in Washington, D.C. today, Sen. Tim Scott (R-S.C.) criticized the Dodd-Frank Act, saying that the legislation created a “regulatory labyrinth” that has stymied banks’ ability to serve their customers and grow the economy.
ABA and the Securities Industry and Financial Markets Association last week urged the Federal Reserve to revise its conformance period for illiquid funds under the Volcker Rule.
Despite recent drops in the stock market and growing uncertainty surrounding the global financial markets, Comptroller of the Currency Thomas Curry says that the U.S. banking system is more resilient today than in the lead-up to the financial crisis.