Banking News
Last week, House Financial Services Committee member Carolyn Maloney (D-NY) introduced a bill that would require banks to obtain consent before activating overdraft fees for paper checks, automated clearing house charges, and debit card transactions. More
Reps Brad Miller (D-NC) and Keith Ellison (D-MN) last week introduced a bill that would prevent a single bank from holding more than 10 percent of the nation's banking deposits or more than 10 percent of the banking system's liabilities. More
In a speech before the Chicago Fed’s Bank Structure and Competition Conference, Federal Reserve Chairman Ben Bernanke noted that the US banking industry has made significant progress but face some challenges as banks adapt to the new post-crisis economic and regulatory environment. In their Economic Perspective today, the ABA posted some of the highlights from Bernanke’s speech. More
Nearly four years after the government bailouts of the financial crisis, regulators are looking to chip away at the understanding that the government will step in to save top financial institutions seen as vital to the economy or banking system, The Wall Street Journal reports. More
With a 52-45 party-line vote, Senate Republicans yesterday blocked consideration of a Democratic bill (S 2343) that would freeze student loan interest rates for another year but offset the cost by taxing certain Subchapter S corporations. More
The Financial Crimes Enforcement Network is reminding financial institutions subject to the Bank Secrecy Act that it is requiring electronic filing for certain FinCEN reports by July 1. The agency announced the requirement on February 24. More
ABA’s latest customizable news release, available on aba.com, explains the benefits of using prepaid cards and also provides consumer tips on how to select one. Banks can increase their media exposure by downloading the release, filling in the blanks, and sending it to the business editor or banking reporter at their local newspaper. Download the release.
Yesterday, ABA and 36 other business trade groups told Senate leaders in a letter that they oppose a provision in a bill (S 2343) to freeze student-loan interest rates that would increase payroll taxes by $9 billion on Subchapter S corporations and partnerships. More
ABA and two other trade groups filed a friend-of-the-court brief asserting that the 10th District Court of Appeals should affirm a US District Court’s decision that borrowers must file a lawsuit within three years of a mortgage loan’s signing to exercise their right of rescission. The case Rosenfield v HSBC Bank, centers on the issue of whether borrowers who notify lenders of their intent to rescind must also sue their lenders within three years. More
Yesterday, the Treasury Department outlined how it would wind down the bank programs under the Troubled Asset Relief Program that so far have garnered taxpayers a $19 billion positive return. More
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