STATE GOVERNMENT RELATIONS
Bills to watch:
- Senate Bill 314 - Pass through entity tax.
- Senate Bill 316 - Investment partnership tax.
- Senate Bill 464 - Financial institutions and consumer credit.
- House Bill 1001 - State budget.
- House Bill 1088 - Various probate matters.
FEDERAL GOVERNMENT RELATIONS
CFPB nominee McKernan criticizes bureau’s past actions as politicized
Consumer protection is critical, but too often the Consumer Financial Protection Bureau has “gotten in the way of its own mission,” former FDIC Director Jonathan McKernan said during a Senate hearing on his nomination to lead the bureau.
FinCEN urges financial institutions to ‘remain vigilant’ about relationship scams
FinCEN issued a statement calling on financial institutions to remain vigilant regarding suspicious activity that may be indicative of relationship investment scams.
Trump administration says it won’t close CFPB
In a court filing, the Trump administration said it does not plan to eliminate the Consumer Financial Protection Bureau but instead transform it into a more streamlined agency.
House lawmakers offer recommendations to FDIC on digital asset regulation
Republican lawmakers on the House Financial Services Committee offered five recommendations to the Federal Deposit Insurance Corp. on how to “clarify” digital asset regulation and prevent alleged debanking.
OCC releases CRA evaluation schedules for Q2, Q3
The Office of the Comptroller of the Currency has released its schedule of Community Reinvestment Act evaluations to be conducted in the second and third quarters of 2025.
Bowman: Rightsized regulations key to bright community banking future
The future of community banking is bright as long as regulators focus on appropriate regulations and guidance and recognize that investment in innovation and growth is a necessity, not a roadblock, according to Federal Reserve Governor Michelle Bowman. Speaking in Kansas, Bowman said:
- Community banks can operate safely and soundly, and in compliance with laws, without being subject to the same extensive guidance and regulatory requirements as larger, more complex banks.
- While many factors influence the health of community banks, policymakers should consider whether there are actions regulators can take to support the future of community banks.
- A significant problem with the current approach is the failure to index and update how a community bank is defined, with economic growth and inflation creating an environment in which thresholds are inappropriately low.
- There needs to be a better, more timely, transparent, and viable path for all bank regulatory applications, in particular mergers and acquisitions. In the absence of a better bank applications process, institutions will explore other options, including credit union acquisitions.