Welcome to the ABA Banking Journal newsletter, a free, twice-monthly supplement to the ABA Banking Journal magazine intended to help you stay on top of industry and policy news.
You can also stay abreast of banking news by visiting aba.com/BankingJournal, home to ABA Daily Newsbytes and other email bulletins.
Industry News
In a blow to the Obama administration's labor-law plans, a federal court has blocked the start of a rule that would have made an estimated 4 million more American workers eligible for overtime pay heading into the holiday season. The U.S. District Court in the Eastern District of Texas granted the nationwide preliminary injunction, saying the Department of Labor's rule exceeds the authority the agency was delegated by Congress. (New York Times)
Visit http://www.nytimes.com/aponline/2016/11/22/us/ap-us-overtime-expansion-lawsuit.html to view the full article online.
|
Sales of previously owned homes hit a nearly 10-year high in October as job creation and rising wages released a flurry of unexpected pent-up demand. Existing-home sales, completed transactions that include single-family homes and townhouses, increased 2 percent to a seasonally adjusted annual rate of 5.6 million last month, the highest level since February 2007, and up from 5.49 million in September, the National Association of Realtors (NAR) said this week. (The Hill)
Visit http://thehill.com/policy/finance/307204-existing-home-sales-hit-nearly-10-year-high to view the full article online.
|
Laurie Stewart’s bank is in the other Washington—Washington state, that is. But her connection to both legislative centers—in the state capital of Olympia, as well as in our nation’s capital—has positioned her as a leader in advocating for the banking industry. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/11/building-sound-relationships-for-advocacy/ to view the full article online.
|
We're seeing a slow down investment in Q3 for fintech startups, according to CBInsights Pulse report. Venture capital investment in fintech companies dropped 52% year over year to $2.4 billion globally. Why? CBInsights says investment has slowed largely because there haven't been any inspiring billion-dollar plus exits or financial rounds in the fintech category to spur investment. (Fast Company)
Visit https://news.fastcompany.com/investment-in-fintech-slows-in-us-and-uk-report-says-4025298 to view the full article online.
|
Policy News
In a letter to the heads of the federal banking agencies, ABA President and CEO Rob Nichols said it was time for regulators to revisit the numerous asset thresholds at which different regulatory frameworks begin to apply. Several years after these thresholds have been implemented, Nichols said regulators should consider whether the thresholds are meeting their supervisory purposes or "unintentionally limiting economic growth." (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/11/aba-to-regulators-time-to-revisit-asset-thresholds/ to view the full article online.
|
The $50 billion asset threshold in the Dodd-Frank Act for designation as a systemically important financial institution was a "mistake," former Rep. Barney Frank (D-Mass.) said in a radio interview yesterday. "That’s too low," he said. "That was a mistake. We should have made it much higher." Frank tossed out $125 billion as an alternative, noting that he also regretted not indexing the threshold to inflation. (ABA Banking Journal)
Visit http://bankingjournal.aba.com/2016/11/dodd-frank-author-current-sifi-threshold-is-mistake/ to view the full article online.
|
|