ABA Reiterates Opposition to Repeal of ‘True Lender’ Rule
The American Bankers Association today reiterated its opposition to a Congressional Review Act resolution that would repeal the OCC’s “true lender rule.”
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Treasury Designates New Acting Comptroller of the Currency
Treasury Secretary Janet Yellen today announced that she will appoint Michael Hsu to serve as first deputy comptroller of the currency.
ABA, Financial Trade Associations Oppose Repeal of OCC’s ‘True Lender’ Rule
The American Bankers Association and a group of financial trade associations today opposed the use of the Congressional Review Act to repeal the OCC’s rule that established a test to determine when a bank is considered the “true lender” of a loan made in a partnership with a nonbank entity.
ABA, Trade Groups Urge OCC to Formally Withdraw 2020 CRA Rule
The American Bankers Association and nine other financial trade groups called for the OCC to formally withdraw or delay its June 2020 Community Reinvestment Act rule, following speculation that the OCC will likely pursue a different CRA modernization course under a new comptroller.
Agencies Propose Rule Requiring Income Tax Allocation Agreements for Consolidated Returns
Agencies propose requiring that national banks, state banks and savings associations that file tax returns as part of a consolidated tax filing group be required to enter into tax allocation agreements with their holding companies and other members of the consolidated group that file a consolidated group tax return.
ABA’s Nichols: OCC Should Deny Credit Union Acquisition of Federal Mutual Banks
In a letter to Acting Comptroller of the Currency Blake Paulson this week, American Bankers Association President and CEO Rob Nichols raised concerns about recent attempts by credit unions to purchase federally chartered banks, including federal mutual savings associations.
ABA Calls Out the Risks of Bank Charter Arbitrage
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.
Libor Change: ‘Law of Physics’ Prompting Examination Focus, Self-Assessment Tool
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.
Democrats Introduce Bill to Repeal OCC ‘True Lender’ Rule
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.
OCC: Mortgage Performance Declines in Fourth Quarter
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.