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This ABA Banking Journal newsletter is 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 stories, digital exclusives, the ABA Banking Journal Podcast and more.
Senate Banking Committee Chairman Sherrod Brown (D-Ohio) and three Democratic committee members recently urged the Federal Reserve to review and reconsider its approach to large bank mergers, including the agency’s framework for evaluating a merger’s impact on financial stability.
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The CFPB should extend a court-ordered stay of its Section 1071 final rule to cover all FDIC-insured banks while the U.S. Supreme Court considers a separate legal challenge concerning the bureau, 50 state bankers associations said.
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The Federal Reserve announced that the banks it supervises must first receive a written notification of supervisory nonobjection from the agency before engaging with tokens using distributed ledger technology or similar technologies to facilitate payments.
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FinCEN will establish a contact center to assist small business owners in filing beneficial ownership reports, respond to questions from the public, and reduce regulatory burden, U.S. Treasury Undersecretary for Terrorism and Financial Intelligence Brian Nelson said.
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The Federal Housing Finance Agency this week responded to recent industry communications expressing concerns about implementation timeframes for credit score reforms.
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A group of 20 trade associations, including ABA, joined together to raise concerns with a proposal to expand the requirements for auditors to identify, evaluate and communicate all company violations of laws and regulations.
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The Justice Department recently week issued a notice of proposed rulemaking to revise the regulation implementing Title II of the Americans with Disabilities Act to establish specific requirements for making state and local governments’ web content and mobile applications accessible.
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Additional increases in the federal funds rate will likely be needed to lower inflation to the Federal Reserve’s 2% goal, Fed Governor Michelle Bowman said.
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In the wake of a judge’s order delaying compliance dates with the CFPB’s Section 1071 final rule for Texas Bankers Association and ABA members, TBA and ABA today asked CFPB Director Rohit Chopra to use his discretion to apply the stay to all FDIC-insured banks.
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The economy may have reached the point where the Federal Open Markets Committee can hold off further increases in the federal funds rate and let the monetary policy actions it has already taken run their course, said Patrick Harker, president of the Federal Reserve Bank of Philadelphia.
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The Credit Card Competition Act would leave consumers with fewer choices and decreased access to credit while local banks and credit unions would be harmed by even more government intervention, the top executives of three Missouri banker and credit union associations said in an op-ed for The Missouri Times.
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The Federal Housing Administration proposed making permanent a pandemic-related rule that waives the Department of Housing and Urban Development’s requirement for mortgagees to meet in person with borrowers who are in default on their mortgage payments.
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