ABA today called for more congressional oversight in light of recent efforts by federal and state agencies to create new bank charters or apply new interpretations to traditional charters that would allow entities to enjoy bank-like benefits while circumventing the rigorous regulatory framework that applies to traditional banks.
With Libor slated to sunset by the end of 2021, banks need to identify and mitigate their Libor transition risks. According to Fed leadership, “The firms we supervise should be aware of the intense supervisory focus we are placing on their transition and especially on their plans to end issuance of new contracts by year end.” Overall, the Libor transition is something bankers will want to have their arms firmly wrapped around sooner rather than later.
Sen. Chris Van Hollen (D-Md.), Senate Banking Committee Chairman Sherrod Brown (D-Ohio) and Rep. Chuy Garcia (D-Ill.) today introduced legislation to repeal the OCC’s “true lender” rule finalized in October.
The share of current and performing first-lien mortgages in the fourth quarter of 2020 was 93.3%, down from 96.5% a year ago, according to the Mortgage Metrics Report released by the OCC today.
The American Bankers Association yesterday urged Office of the Comptroller of the Currency to withdraw a recent proposal making changes to its rules on national bank or federal savings ownership of real property.
The OCC yesterday announced the appointment of new members to its Minority Depository Institutions Advisory Committee and the Mutual Savings Association Advisory Committee.
The federal banking agencies found increased credit risk in the Shared National Credit portfolio—a bundle of large, syndicated bank loans that includes 5,652 borrowers and totals $5.1 trillion—according to the SNC Review released today.
As the Federal Reserve contemplates updates to its Community Reinvestment Act regulations, the American Bankers Association emphasized the importance of working closely with the FDIC and OCC to “craft a modern regulatory framework that can be adopted by all three agencies.”
The American Bankers Association joined the Independent Community Bankers of America and the Credit Union National Association yesterday asked Acting Comptroller of the Currency Blake Paulson to withdraw an interpretive letter and the conditional approval for two recent trust charters, in accordance with a Jan. 20 White House memo calling for a regulatory freeze.
The American Bankers Association and a coalition of trade associations yesterday called for the OCC to withdraw its 2020 Community Reinvestment Act rule and instead pursue a joint CRA rulemaking with the Federal Reserve and the FDIC.