STATE GOVERNMENT RELATIONS
Bray to step down from Senate leadership
Indiana State Senate President Pro Tem Rodric Bray, R-Martinsville, announced he will not seek another term as Senate president when Senate Republicans elect their leadership in November. Bray said he made the decision to avoid putting members of his caucus at political risk amid ongoing intraparty disputes following last year's congressional redistricting debate. He will continue serving as president pro tem until a successor is chosen and will remain in the Senate representing District 37. Following Bray's announcement, Senator Chris Garten, R-Charlestown, launched his campaign for Senate president pro tem and said he would appoint Senator Eric Koch, R-Bedford, as Senate majority floor leader if elected. Separately, Senators Scott Baldwin, R-Noblesville, and Tyler Johnson, R-Leo, have announced their candidacies for Senate Republican caucus chair.
FEDERAL GOVERNMENT RELATIONS
CLARITY Act vote delayed to September as Senate breaks for recess
The CLARITY Act vote has been pushed to September after Senate Democrats withheld the consent needed to bring it to the floor before the August recess. Majority Leader John Thune confirmed the digital asset framework will now wait until lawmakers return.
Contact your senators about the CLARITY Act
State attorneys general voice support for ‘know your customer’ communications requirements
In a joint letter, 50 state and territorial attorneys general said they support a Federal Communications Commission proposal to bolster “know your customer” obligations for voice service providers that originate calls, arguing that stronger requirements will help fight fraud and scams.
Paoletta steps into temporary role of acting CFPB director
Mark Paoletta became acting director of the Consumer Financial Protection Bureau after Russell Vought’s term expired last weekend. President Trump has nominated Brian Johnson to lead the bureau, but the Senate has not confirmed the nomination.
FDIC relaunches Office of Supervisory Appeals
The Federal Deposit Insurance Corp. has reopened the Office of Supervisory Appeals and appointed three individuals to serve on a panel that will review supervisory decisions.
OCC proposes information-sharing overhaul
The Office of the Comptroller of the Currency proposed implementing changes to rules governing the disclosure of OCC information.
The agency said the proposed changes include:
- Establishing a new subcategory of OCC nonpublic information to be called “confidential supervisory information” (CSI).
- Modifying the prior-approval requirement for supervised entities to disclose CSI by expanding information-sharing exceptions for the purposes of business efficiency, government accountability and supervisory coordination.
- Providing for the release of certain aged CSI.
- Clarifying the OCC’s position on referrals for criminal prosecution for the unauthorized disclosure of OCC information.
- Providing for expedited processing of Freedom of Information Act requests.
- Establishing procedures for appealing a denial of an expedited processing or fee waiver request.
The FDIC in June advanced an industry-advocated proposed rule to allow banks more flexibility to share confidential supervisory information for appropriate business purposes.
FDIC, OCC propose to narrow Community Reinvestment Act scope
The Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency proposed a series of amendments to Community Reinvestment Act regulations to “refocus” on the law’s objective of getting banks to meet the credit needs of their communities, including narrowing the list of qualifying activities for CRA credit to exclude deposit services and certain grants to programs run by nonprofit organizations.
Fed proposes to update rules on lending to bank insiders
For the first time in nearly 50 years, the Federal Reserve is proposing to comprehensively update the regulation governing extensions of credit to bank “insiders,” such as board directors, executives and major shareholders.
Fed proposes to modernize mutual bank regulations
The Federal Reserve proposed a new rule to “modernize” the mutual bank regulatory framework, including changes to expand access to capital and remove restrictions on converting to a stock company.