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Items about the Consumer Bankers Association and its initiatives, including CBA Advanced Education, CBA LIVE, CBA Team news and more.
- June 14, 2017On Wednesday, June 14, 2017, the Federal Reserve raised its benchmark federal-funds rate by a quarter percentage point to between 1% and 1.25%. This marks the Fed’s third increase in 18 months. According to the Fed’s statement , its intent is to raise the cost of borrowing for consumers and businesses to ensure the economy does not experience a bout of inflation.June 13, 2017Top lobbying groups for the financial industry are pushing back against the Consumer Financial Protection Bureau as the regulator ratchets up pressure on credit products that can lure in customers with zero-interest terms but later surprise them with high charges. Earlier this month, on the same day CFPB Director Richard Cordray announced he had sent letters to top credit card companies urging...June 13, 2017Coming on the heels of the U.S. House of Representatives passing H.R. 10, the Financial CHOICE Act , in an effort to modify the Consumer Financial Protection Bureau among other objectives, the U.S. Department of the Treasury late on Monday issued its first in a series of reports to President Trump examining the U.S. financial regulatory system and detailing executive actions and regulatory...June 12, 2017On Monday, June 12, 2017, the House Appropriations Committee Subcommittee on Financial Services and General Government held a hearing to discuss the proposed Treasury budget. In his opening statements, Subcommittee Chairman Tom Graves (R-GA) expressed his support for the budget which he stated prioritizes taxpayers and will allow the United States economy to grow. Several other Representatives,...June 12, 2017President Donald Trump's Treasury Department called for broad changes in the way the government oversees the nation's banks, including a plan to rein in the Democrats’ crown jewel of regulation: the Consumer Financial Protection Bureau. In its first substantive move into the financial regulatory debate, the Treasury Department issued a report Monday calling for the popular watchdog agency to be...June 9, 2017On Friday, June 9, 2017, the OCC issued a press release notifying banks to prepare for a change in the regular securities settlement cycle taking effect on September 5, 2017. The regular industry settlement cycle for many U.S. securities including equities, corporate and municipal bonds, and unit investment trusts—and financial instruments composed of these products—will be shortened from the...June 7, 2017 - 2:00PMPastJune 7, 2017On Wednesday, June 7, 2017, the FDIC announced it would adoptthe Supervisory Guidance on Model Risk Management previously issued by the Board of Governors of the Federal Reserve System (FRB) (SR 11-7) and the OCC (OCC Bulletin 2011-12), with technical conforming changes, thereby making the guidance applicable to certain FDIC-supervised institutions. The guidance addresses supervisory expectations...June 7, 2017On Wednesday, June 7, 2017, the OCC issued frequently asked questions (FAQ) to supplement their Bulletin on “Third-Party Relationships: Risk Management Guidance” originally issued October 30, 2013. The FAQ include responses to questions such as what constitutes a third-party relationship, how banks can structure their third-party risk management process, and what collaboration opportunities exist...May 31, 2017On Wednesday, May 31, 2017, the Board of Governors of the Federal Reserve System, the FDIC, the National Credit Union Administration, and the OCC issued an advisory highlighting two options to help insured depository institutions and bank holding companies facilitate the timely consideration of loan applications. The advisory comes in response to concerns over the limited availability of state-...