As reported in a special edition of ABA Daily Newsbytes, federal financial regulators voted yesterday to adopt final rules implementing Section 619 of the Dodd-Frank Act, commonly known as the Volcker Rule. The rules take effect April 1, 2014, but the Fed extended the compliance period to July 21, 2015. Read more.
In a related story, ABA EVP Wayne Abernathy said that the Volcker Rule could hinder banks' ability to finance American businesses. His remarks were delivered on the PBS NewsHour program. Read more.
More than seven months after his nomination to the post, the US Senate yesterday voted 57-41 to confirm Rep Mel Watt (D-NC) as director of the Federal Housing Finance Agency. Watt will replace Acting Director Edward DeMarco. Read more.
Customer satisfaction with banks has reached pre-recession levels, according to a survey released yesterday by the American Customer Satisfaction Index. Over the past year, satisfaction rose 1.3 points to 78 out of a maximum 100. Read more.
With a string of 12 consecutive budget deficits since 2001 and a federal debt now running upwards of $17 trillion, there seems to be bipartisan agreement in Washington that tax reform is a pressing need for the country in general. In February, Speaker of the House John Boehner (R-Ohio), along with committee leaders in both houses of Congress, indicated that reforms to the tax code would be considered in the current session, if not in the calendar year. Read more.
In Nashville, which has become a hotbed for new banks seeking to capitalize on a growing market, banks have invested heavily in luring top talent that can bring big clients with them, but some worry that it comes at the expense of growing banking’s next generation. More.
Ted Williams, president and chief executive officer of TriStar Bank in Dickson, is the newly elected president of the Independent Bankers Division of the Tennessee Bankers Association (TBA). Williams was elected during the group’s annual convention held October 29 and 30 in Franklin, TN. More than 150 persons attended the convention, which attracts community bankers from across Tennessee. More.
ABA has urged the associations representing state bank and credit union supervisors to stop credit unions from advertising that anyone can join a credit union. Although the National Credit Union Administration has instructed federal CUs to cease this kind of advertising, 2,600 state-charted credit unions are under state supervision. More
ABA is urging bankers to contact their House members to ask them to sign a draft letter urging Consumer Financial Protection Bureau Director Richard Cordray to delay for one year the mortgage rules taking effect in January. More
When Brad Barrett retires after 40 years as president of the Tennessee Bankers Association this month, his son, Colin Barrett, will step into his role. Colin Barrett, currently the association’s executive vice president, worked for four years at the American Bankers Association in Washington, D.C., before returning to Nashville to lobby for and work with Tennessee banks. The Tennessean met with both Barretts as they prepared for the transition. More.
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