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Posted Date: Friday, March 15, 2024
During his recent testimony before the Senate Banking Committee, Federal Reserve Chair Jerome Powell said the Basel III Endgame capital standards proposal will likely see “material and broad changes” before it is finalized.
Many arguments against expanding Basel III risk-based capital standards beyond the largest, most complex institutions were brought front and center during the hearing. Read on »
Posted Date: Friday, March 15, 2024
Banks reported $256.9 billion in first-quarter net income, representing a $30 billion drop from the fourth quarter of 2023 and a year-over-year decrease of $6 billion, according to the Federal Deposit Insurance Corp.’s latest Quarterly Banking Profile. About 70 percent of the drop-off was attributed to specific, nonrecurring, noninterest expenses at large banks. Read on »
Posted Date: Friday, March 15, 2024
Numerous legislative proposals have gained support from industry trade advocates representing mortgage lenders, community bankers and credit unions. Learn more about these bills, as well as some recent developments in the mortgage market, in this roundup. Read on »
Posted Date: Tuesday, March 12, 2024
The American Bankers Association issued a white paper titled, “Effective agency guidance: Examining bank regulators guidance practices,” where it voiced its and other trade association’s concern over agency use of guidance “to advance regulatory policy agendas.” Industry experts shared their takeaways from the report.
ABA President Rob Nichols referenced the white paper, along with copies of recent comment letters, in a letter to the federal financial regulators requesting their consideration of the feedback. Richard Andreano of Ballard Spahr, Loretta Salzano of Franzén and Salzano, and Mike Silver of Husch Blackwell, LLP spoke about their takeaways from the report. Read on »
Posted Date: Tuesday, March 12, 2024
Between merging banks and merging credit scoring models, financial regulators still have to find time to conduct examinations and rulemaking activities. Here are a few synopses of activities and announcements that recently came out of the Federal Housing Finance Agency, Federal Deposit Insurance Corp., the Federal Reserve and the Office of the Comptroller of the Currency. Read on »
Posted Date: Friday, March 8, 2024
More than 60,000 comments have been submitted concerning the Federal Trade Commission’s proposed rule on “junk fees” from all corners of the business world. The proposed rule prohibits companies from excluding mandatory fees from advertised prices, asserting that doing so misleads consumers about the total cost of products and services. Read on »
Posted Date: Friday, March 8, 2024
Financial Services Committee Chair Patrick McHenry (R-N.C.) hopes the fourth time is the charm for his legislation to create “regulatory sandboxes” allowing financial services providers to offer innovative products and services under an alternative compliance plan. Read on »
Posted Date: Tuesday, March 5, 2024
While the Financial Crimes Enforcement Network’s final rule on access to beneficial ownership information addressed some concerns expressed by banks, others remain as the reporting deadline draws near. Banking advocates asserted the need for guidance to clarify certain elements of the rule to help small businesses and newly formed entities covered under the rule. Read on »
Posted Date: Tuesday, March 5, 2024
The
Federal Reserve’s 2024 hypothetical stress test scenarios are the first to incorporate
elements the agency is studying as part of its “exploratory analysis” of the
banking system. The analysis is distinct from the stress test but will
complement it by offering aggregate results tested against different economic
and financial conditions. Read on »
Posted Date: Friday, March 1, 2024
Industry trade organizations representing banks and credit unions recently published views and research findings about policies and proposals issued by the Federal Housing Administration, Consumer Financial Protection Bureau and the National Credit Union Administration. Read on »
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