The Treasury Department tonight issued a 150-page report making dozens of recommendations for how Congress and regulatory agencies can streamline bank regulation in a way that promotes economic growth.
Banks are generally open to the idea of using alternative data sources — such as mobile phone bills and rent payments — to help consumers establish a credit history, but concerns about compliance, data integrity and other risks stand in the way, ABA said today in a comment letter to the Consumer Financial Protection Bureau.
The House Financial Services Committee today voted to advance the Financial Choice Act, Chairman Jeb Hensarling’s (R-Texas) sweeping, 600-page bill aimed at reforming parts of the Dodd-Frank Act’s extensive supervisory regime and providing regulatory relief for banks.
Rep. Blaine Luetkemeyer (R-Mo.) yesterday introduced the ABA-advocated CLEARR Act (H.R. 2133), which would provide relief from certain rules and regulations for community banks.
The House Financial Services Committee today held a hearing on the Financial Choice Act, Committee Chairman Jeb Hensarling’s (R-Texas) sweeping, 600-page bill aimed at reforming parts of the Dodd-Frank Act’s extensive supervisory regime and providing regulatory relief for banks.
By Scott Andrick
ABA and several trade associations today wrote to Federal Housing Finance Agency Director Mel Watt repeating concerns they had previously raised about the agency’s proposal to include a question on the Uniform Residential Loan Application that asks borrowers to indicate their language preference.
Rep. Blaine Luetkemeyer (R-Mo.) yesterday introduced H.R. 5112, the Unfair or Deceptive Acts or Practices Uniformity Act, which would grant the same UDAP enforcement authority on the Consumer Financial Protection Bureau that other financial regulators have.
By Chuck Lewis