Testifying before the Senate Banking Committee today, Saule Omarova—President Biden’s nominee to serve as the next comptroller of the currency—faced tough questions from lawmakers on both sides of the aisle about her views on banking, including her opposition to the bipartisan S. 2155 regulatory reform law that was championed by the American Banking Association.
The American Bankers Association told the FDIC today that covered institutions continue to encounter major challenges in complying Part 370, which addresses timely deposit insurance determination recordkeeping.
Financial regulatory reforms implemented since the last crisis, including the Basel III framework, helped the global financial system absorb shocks related to the COVID-19 pandemic, according to a new report released by the Basel, Switzerland-based Financial Stability Board today.
The Consumer Financial Protection Bureau today proposed to exempt certain higher-priced mortgage loans from a requirement under Regulation Z to establish escrow accounts for those loans, as required by the S. 2155 regulatory reform law.
In a comment letter to the federal banking agencies today, the American Bankers Association supported a proposal to amend the “covered funds” and “Super 23A” regulatory provisions of the Volcker Rule.
ABA this week filed a comment letter on regulations proposed by the IRS on the timing of income inclusion under Section 451 of the Internal Revenue Code, as required by the tax reform law.
The financial regulatory agencies today issued a final rule—which takes effect immediately—raising the appraisal threshold for residential real estate transactions from $250,000 to $400,000.
In a statement for the record before yesterday’s Senate Banking Committee hearing on housing finance reform, ABA recommended nine principles to guide the reform of Fannie Mae and Freddie Mac, which have been in conservatorship for over a decade.
In an interview with economist Andy Busch on the Engage podcast, ABA President and CEO Rob Nichols outlined priority banking issues facing Congress this fall, including cannabis banking, the CECL accounting model, modernizing anti-money laundering rules and housing finance reform.
The American Bankers Association and 52 state associations wrote to the heads of the financial regulatory agencies yesterday urging them to allow the early adoption of relief provisions included in the recently finalized capital simplification rule.