Advocacy News

E-News 8-4-23 FEDERAL GOVERNMENT RELATIONS Federal Judge Delays Section 1071 Compliance Dates A federal judge in Texas issued an order Monday blocking enforcement of the Consumer Financial Protection Bureau's Section 1071 final rule while the Supreme Court hears a challenge to the constitutionality of the CFPB's funding structure. The injunction came at the request of the American Bankers Association, the Texas Bankers Association, and McAllen, Texas-based Rio Bank, in litigation brought challenging the Section 1071 rule. While the judge granted ABA and TBA's request for an injunction, the judge...
MORE

 
E-News 7-28-23 FEDERAL GOVERNMENT RELATIONS Banking Regulators Propose New Capital Requirements On Thursday the Federal Deposit Insurance Corp., Federal Reserve and Office of the Comptroller of the Currency proposed new capital requirements for banks with more than $100 billion in assets. The proposal would implement the so-called "Basel III endgame" standards while eliminating the practice of relying on banks’ internal risk models. If implemented, the new rules would go into effect over three years starting on July 1, 2025. Public comments on the proposal are due Nov. 30. The proposed rulemaking...
MORE

 
E-News 7-21-23 FEDERAL GOVERNMENT RELATIONS Federal Reserve Launches FedNow Service The Federal Reserve officially launched its FedNow service for instant payments on Thursday. The agency said that banks of all sizes can sign up and use the tool to instantly transfer money for their customers at any time of day. As an interbank payment system, FedNow will operate alongside other Fed payment services such as Fedwire and FedACH. The Fed previously announced that more than 50 early adopters would be able to use FedNow on launch, including 16 service providers that support payment processing for banks...
MORE

 
E-News 7-14-23 FEDERAL GOVERNMENT RELATIONS Bullard to Exit St. Louis Fed James Bullard, president and CEO of the Federal Reserve Bank of St. Louis, announced Thursday that he will step down Aug. 14 to become the inaugural dean of the Mitchell E. Daniels Jr. School of Business at Purdue University. First VP and COO Kathleen O’Neill Paese has assumed the duties of interim CEO in preparation for Bullard's exit. The bank's board of directors has formed a search committee to find a replacement.  Read the news release
MORE

 

Pages