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 FDIC, Federal Reserve and OCC today finalized a rule implementing a provision of the S. 2155 regulatory reform law regarding the treatment of high volatility commercial real estate.
The federal banking agencies’ June proposal to clarify the regulatory capital treatment of land development loans for single-family homes does not conform with the intent of the S. 2155 regulatory reform law, ABA said in a comment letter yesterday.
A group of 13 Republicans on the Senate Banking Committee today urged the federal banking agencies to accelerate implementation of regulatory reforms made by the S. 2155 reform law, as well as other reforms that they said would enhance economic growth.
The five federal financial regulatory agencies today finalized a rule implementing a section of the S. 2155 regulatory reform law that grants an exclusion from the Volcker Rule for certain community banks.
In remarks at a conference at the Federal Reserve Bank of Boston today, Fed Vice Chairman for Supervision Randal Quarles highlighted ways his agency is working to make stress tests more transparent, simple and less volatile.
As the OCC’s long-awaited HOLA flexibility rule took effect this week, the agency issued several documents to help bankers understand the new rule and provide guidance to institutions wishing to elect to become “covered associations.”
In an effort to clarify their September 2018 proposal for high-volatility commercial real estate acquisition, development or construction loans, the banking agencies have issued an additional proposal to address the treatment of loans financing the development of land for one-to-four-family residential properties.
The Federal Reserve and the Consumer Financial Protection Bureau today finalized changes to Regulation CC (the Expedited Funds Availability Act) to adopt a method for making inflationary adjustments to the dollar amounts in Regulation CC every five years pursuant to the Dodd-Frank Act.
ABA on Friday submitted feedback to the federal regulatory agencies on a recent proposal to tailor prudential regulations for foreign banking organizations.