STATE GOVERNMENT RELATIONS
Statewide election matchups set as Indiana parties finalize nominees
Indiana's major political parties have finalized their nominees for statewide offices ahead of the November election. At the Indiana Democratic Convention on June 6, delegates selected Beau Bayh as the party's nominee for Secretary of State, while Jessica Bailey was nominated for State Comptroller and Coumba Kebe for State Treasurer. At the Indiana Republican Convention on June 20, delegates nominated Max Engling for Secretary of State following a multi-candidate contest that included incumbent Diego Morales. Delegates also confirmed incumbent State Treasurer Daniel Elliott and Comptroller Elise Nieshalla as their nominees. The November ballot is expected to feature contests for all three statewide offices, with Engling facing Bayh in the race for Secretary of State, Kebe challenging Elliott for Treasurer and Bailey challenging Nieshalla for comptroller.
FEDERAL GOVERNMENT RELATIONS
FDIC proposes reducing DIF assessments for community banks
The Federal Deposit Insurance Corp. proposed reducing deposit insurance assessments by 2 basis points for banks subject to the small bank scorecard.
The FDIC proposed:
- Decreasing initial base deposit insurance assessment rate schedules uniformly by 2 basis points for insured depository institutions that meet the proposed definition of a small institution.
- Decreasing the assessment rate by 1 basis point for institutions that meet the proposed definition of a large institution or the definition of a highly complex institution, while the reserve ratio is below 2%.
- Raising the dollar threshold in the assessment regulations used to define small and large institutions from $10 billion to $30 billion and providing for future adjustments pursuant to a pre-determined indexing methodology.
FDIC seeks to ease large bank resolution planning requirements
The Federal Deposit Insurance Corp. is proposing to reduce the amount of information that large banks must share in their insured depository institution resolution plans, and to raise the minimum asset size for requiring resolution submissions. The agency also proposed a separate rule to allow banks to share confidential FDIC information without first needing regulatory approval.
FinCEN, banking agencies propose customer ID requirements for stablecoin issuers
FinCEN and the federal banking agencies released a proposed joint rule to establish customer identification program requirements for payment stablecoin issuers, as mandated by the GENIUS Act.
Bill would extend time for banks to review suspicious checks, wire transfers
Rep. Young Kim, R-Calif., has introduced legislation to allow financial institutions to place extended holds on suspicious checks and wire transfers while fraud claims are investigated.
OCC proposes Bank Secrecy Act, sanctions requirements for stablecoin issuers
The Office of the Comptroller of the Currency proposed regulations to implement Bank Secrecy Act and sanctions requirements for payment stablecoin issuers. The rulemaking was issued in coordination with FinCEN and the Office of Foreign Assets Control.
Court declines to consider request to cut CFPB workforce
A federal appeals court has rejected a Trump administration request for permission to trim the Consumer Financial Protection Bureau’s workforce by more than half, instead sending the case back to a lower court.
Senate passes bipartisan housing bill
The Senate voted 85-5 Monday to pass a bipartisan housing package that includes several provisions related to banking. The legislation includes provisions related to brokered deposits, de novo bank formation and a mentor-protégé program pairing large financial institutions with smaller depository institutions.
Trump declines to sign housing bill into law
President Trump canceled plans to sign a bipartisan housing bill into law, saying lawmakers should first pass an unrelated elections bill.
FHA ends field review requirement for certain mortgages
The Federal Housing Administration will no longer require lenders to obtain appraisal field reviews for a selection of FHA-approved mortgages, instead making the reviews optional.