On-Point Financial Writing Seminar, which was postponed due to inclement weather, has been rescheduled for March 26. To learn more click here.
Yesterday, the state bankers associations wrote to President Obama, urging him to nominate a community banker to serve on the Federal Reserve Board. The board currently has multiple vacancies, but no community banker has been nominated. More.
Last week the National Retail Federation turned the high-profile, well-documented and otherwise embarrassing data security breach at Target Corp., one of the nation’s largest retailers, into an opportunity to scold the banking industry about data security. More.
Senator Corker writes to regulators regarding the treatment of bank investments in collateralized debt obligations (CDOs) backed by Trust Preferred Securities (TruPS) under the recently finalized Volcker Rule. More
On Monday, the Senate voted 56-26 to confirm Janet Yellen as chairman of the Federal Reserve Board. Yellen has served since 2010 as the Fed’s vice chairman. She previously served as a professor of business and economics at the University of California at Berkeley. More
A new phishing scheme that uses ABA’s name to trick the unwary into disclosing confidential information is making the rounds, ABA has learned. The perpetrators send an e-mail informing bankers that their institution has been compromised by an ABA vendor’s data breach. The e-mail asks bankers to visit a non-ABA website bearing a name similar to ABA’s and enter their name, bank information, e-mail address, and ABA.com login information. More
According to the ABA Daily Newsbytes, the Consumer Financial Protection Bureau has released a consumer-focused guide to the Ability-to-Repay/Qualified Mortgage rule, which takes effect Friday. Part of the guide responds to several “fictions” about the rule, including that “[l]enders haven’t had enough time to update their systems and get ready for the new rules. The CFPB has amended the rules repeatedly, making it impossible for lenders to adapt in time.” More
Consumer Financial Protection Bureau Director, Richard Cordray, sent an open letter to community bankers last week commenting on the new mortgage rules, which go into effect on January 10, 2014. Click here to read the full letter.
The Federal Reserve will begin tapering its asset buying program in January. The announcement came following the Federal Open Market Committee’s (FOMC) December meeting reports ABA Economic Perspectives. Read more.
For area bankers, January brings not only the end of holiday festivities, but also the beginning of new regulations. According to Franklin Synergy Bank CEO Richard Herrington, Jan. 10 “is going to be a sad day in banking.” That’s the day that new regulations written by the Consumer Financial Protection Bureau, created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, goes into effect. Herrington and other bank leaders argue that the new rules will hurt banks and, more importantly, will make it more difficult for people to get a home loan. Read more.
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