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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
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: Friday, March 15, 2024
House Republicans celebrated the passage of H.R. 2799, which aims to facilitate capital formation by strengthening public markets, helping small businesses and entrepreneurs and creating new investment opportunities. The bill passed via a 212-205 vote along party lines. 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
Economists are increasingly confident that the first federal funds rate cut since 2020 could happen as flowers are blooming in the late spring and early summer. This aligns with what Mortgage Bankers Association Chief Economist Michael Fratantoni suggested during October Research’s 2024 Economic Forecast webinar in January. 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
The Consumer Financial Protection Bureau is no stranger to legal or political challenges against its rulemaking efforts. One former bureau attorney predicted the agency’s credit card late fee rule was “almost certain” to be the next and why the agency may be OK with that. Read on »
Posted Date: Friday, March 8, 2024
Several trade organizations have filed suits challenging the Consumer Financial Protection Bureau’s final rule on credit card late fees. Dodd Frank Update consulted former CFPB attorney Richard Horn, co-managing partner at Garris Horn LLP, about the merits of the common arguments presented among these case filings. Read on »
Posted Date: Tuesday, March 5, 2024
The Consumer Financial Protection Bureau finalized a rule seeking to reduce excessive credit card fees by closing a regulatory “loophole.” The new rule essentially blocks a 2011 rule amendment enacted by the Federal Reserve that allowed banks to charge fees exceeding the amount required to recover its expenses associated with a late payment. Read on »
Posted Date: Tuesday, March 5, 2024
From procedural rule updates to assisting institutions hit by natural disasters, federal regulators undertake a wide scope of activities that do not often make for major news headlines but are impactful nonetheless. Read on »
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