TBA News

An impressive final tally of 242 House members joined Representatives Ruben Hinojosa (D-Texas) and Judy Biggert (R-Ill) in signing a letter urging the Department of Housing and Urban Development to withdraw its proposed rule amending the Real Estate Settlement Procedures Act.

Some 220 representatives joined Representatives Ruben Hinojosa (D-Texas) and Judy Biggert (R-Ill) in signing a letter last week urging the Department of Housing and Urban Development to withdraw its proposed rule amending the Real Estate Settlement Procedures Act.

Bankers should meet locally with their House members during the August recess to express opposition to legislation (HR 5546) that would fix interchange fees that banks negotiate with merchants, ABA said last week in a memo to state association executives and grassroots leaders.

The Small Business Administration has introduced an online disaster loan application. Businesses and nonprofits can apply electronically for assistance to cover economic injury and losses to real estate and property following a declared disaster.

Eighty percent of consumers have not paid an overdraft fee in the past 12 months, according to a recent survey of 1,000 consumers conducted for ABA by Ipsos.

ABA urged the Farm Credit Administration to withdraw a proposed regulation that would allow Farm Credit System institutions to expand the financing of activities and businesses with few or no ties to farming and agriculture.

ABA yesterday continued to press the Securities and Exchange Commission to quickly extend protections against naked short selling to a broader market. Though the SEC has announced it will consider proposing a rule to expand its emergency order, which expires August 12, ABA "remains concerned that during this interim time period our members will continue to be exposed to these 'distort and short' campaigns," ABA SVP Sally Miller wrote in a comment letter.

A Farm Credit Administration proposal that would allow Farm Credit System institutions to provide financing thorough debt and equity investments, including investments in venture capital funds, is "illegal, ill-considered and irresponsible," ABA said in a comment letter filed yesterday.

Another senior policymaker has weighed in with concerns about naked short selling. In a July 28 letter to Securities and Exchange Commission Chairman Christopher Cox, Senate Banking Committee member Tim Johnson (D-SD) urged the SEC to extend protection from naked short selling to all securities, and especially to those that appear on the "Regulation SHO Threshold Securities List," a list compiled daily of companies whose stock has failures-to-deliver above a certain threshold.

As expected, the Federal Reserve's Federal Open Market Committee voted yesterday to keep its target for the federal funds rate at 2 percent and the discount rate at 2.25 percent.

Eleven individuals have been charged in connection with the hacking of nine major US retailers and the theft and sale of more than 40 million credit and debit card numbers between 2003 and 2008, the Justice Department announced yesterday.

Yesterday, House Financial Services Committee Chairman Barney Frank and three other panel members called on mortgage servicers to hold off on foreclosures for homeowners who may qualify for assistance under the new Federal Housing Administration refinance program that was created by the omnibus housing bill.

The FDIC should avoid unnecessarily raising premiums when shoring up the Deposit Insurance Fund, ICBA stated in a letter to the agency.

Eleven trade groups sent a letter yesterday to Housing and Urban Development Secretary Steven Preston stating their opposition to the finalization of HUD's Real Estate Settlement Procedures Act regulatory proposal in its current form and asking HUD to rework its proposal. Specifically, the groups urged HUD to coordinate its work with the Federal Reserve's efforts to reform Truth–in–Lending Act disclosures.

Proposed rules restricting how banks provide credit card and overdraft services would reduce customer options, ICBA told regulators. In a letter to the Federal Reserve Board of Governors, Office of Thrift Supervision, and National Credit Union Administration, ICBA stated these restrictions could drive consumers away from depository institutions to less-reliable lenders.

Last week, NACHA, the electronic payments association extended the effective date of its new international automated clearing house transaction rules and formats for six months, to September 18, 2009.

ABA today will conduct a series of interviews on Spanish language radio stations regarding the safety of bank deposits. Miriam Lopez, CEO of TransAtlantic Bank in Miami and former chairman of ABA's Communications Committee, will explain that bank deposits are insured for at least $100,000.

The Safety & Soundness Communications Kit posted on aba.com received 6,391 visits in July, bringing the total number of hits to 10,476 since the kit was posted in April.

The House Financial Services Committee last night approved by a 39-27 vote a credit card reform bill (HR 5244). Dubbed the "Credit Cardholders' Bill of Rights," the legislation, among other things, includes the initial proposal on credit card practices made by the Federal Reserve, Office of Thrift Supervision, and National Credit Union Administration.

President Bush signed into law the omnibus legislation designed to provide relief to troubled homeowners, stimulate the housing market, and create a single regulator for Fannie Mae, Freddie Mac and the Federal Home Loan Bank System.

Banks' mainstream overdraft accommodation practices should not be targeted by the federal banking agencies' proposed rule intended to define unfair or deceptive acts or practices under the Federal Trade Commission Act, ABA said yesterday in a comment letter.

ICBA's Survey on FDIC Deposit Insurance is still available for members to give feedback on how community banks and their customers are responding to events that have raised the public profile of the safety and security of deposits. Members are encouraged to give their input with this quick survey.

The FBI and Internet Crime Complaint Center issued a warning about E-mails that spread the Storm Worm virus by directing recipients to an article about the FBI and Facebook.

TBA President Brad Barrett, last Friday, distributed an op-ed column to the media and TBA member CEOs. Titled “Tennessee Banks Deserving of Consumer Confidence,” the column emphasized the underlying strength of the banking industry in our state in wake of public concern following the failure of California-based IndyMac Bank.

ABA President and CEO Ed Yingling yesterday urged the presidents of the major television network news divisions not to publicize privately prepared lists of institutions reportedly in financial trouble. "Yelling 'Fire!' in a crowded theater has long been the universally recognized method for making a bad situation worse.

FDIC Chairman Sheila Bair yesterday reiterated the rights of insured depositors in an op-ed published by Reuters.com. "As chairman, I believe that the FDIC has a promise to keep to our nation's bank customers," Bair said in the op-ed. She emphasized that the nation's banking system remains on a solid footing through the guarantees that FDIC insurance provides.

In a CEO Alert yesterday, ABA President Ed Yingling and COO Diane Casey-Landry encouraged member-bank CEOs to submit comment letters on the regulators' proposed rules for overdraft protection programs. "Few recent issues affect banks and your customers more than this one," Yingling and Casey-Landry said. "While quality matters … every letter will count. A very large number of letters speaks volumes, so make sure your compliance team is on top of this." Comments are due August 4.

Interchange legislation approved by the House Judiciary Committee would upend the current electronic payment system that allows community banks to offer debit and credit cards, according to ICBA President and CEO Cam Fine in a letter published in The Washington Times.

The Securities and Exchange Commission's July 15 emergency order prohibiting naked short selling should be expanded to include publicly traded banks and bank holding companies, ABA told the SEC yesterday in a letter.

WASHINGTON — The Office of the Comptroller of the Currency issued an advisory today that provides advice to help prevent borrowers from becoming victims of foreclosure rescue scams.

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This Halloween, the American Bankers Association is urging consumers to follow some simple steps to “PASS” on identity theft.

The Internal Revenue Service yesterday warned consumers about an E-mail scam that falsely promises recipients $80 for participating in an online customer satisfaction survey. The IRS is referenced in the E-mail's "from" and "subject" lines, and the survey form features the IRS logo.

Miami-based United Cities Corp has issued illegitimate checks and also claims to have created a new currency called "The United States Private Dollar," the Federal Reserve warned consumers yesterday.

WASHINGTON, Aug 15 – Everyone agrees that credit card disclosures could be simpler and easier to understand. While federal regulators complete the process of updating credit card disclosures, the American Bankers Association has developed a free resource to help consumers make informed choices about credit cards.

On Friday, the FDIC issued a special edition of its quarterly FDIC Consumer News that contains 51 tips intended to help consumers save money on loans and credit cards.

The Office of the Comptroller of the Currency yesterday announced the launch of HelpWithMyBank.gov, a new Web site designed to provide basic banking information and assistance to national bank customers.

As part of its ongoing commitment to consumer protection, the Federal Reserve Bank of Kansas City has launched a new consumer protection website. The site features answers to the most commonly asked consumer questions related to banking and includes a link allowing consumers to ask specific questions. The site also offers a wealth of financial education tools. If consumers have a concern with a specific financial institution, the site will direct them to the appropriate regulatory agency to file a complaint

Comptroller of the Currency John C. Dugan unveiled two new Public Service Announcements (PSAs) aimed at encouraging delinquent mortgage borrowers to get help by contacting their lenders or a trusted housing counselor in order to avoid foreclosure.

Tennessee bankers, security officers and staff joined some 70 other participants in the Take Back the Net seminar. The meeting featured an address by State Attorney General Bob Cooper and representatives from the FBI, AOL, MasterCard, Visa, and Microsoft.

On Friday, the Internal Revenue Service warned about the latest version of a bogus E-mail that tells people they are under investigation by the agency's Criminal Investigation Division for submitting a false tax return to the California Franchise Tax Board.

The Office of the Comptroller of the Currency warned consumers not to fall for solicitations about a so-called "Community Reinvestment Act Program" that purports to offer cash grants or equity disbursements.

The Federal Reserve Banks will decommission their current computer system by June 30, 2009, Fed officials said this week. Customers of all critical payment services, including Fedwire Funds, Fedwire Securities, and FedACH Services, will be moved to the new system by Dec. 31, 2008.

On Friday, the Federal Reserve issued an alert about instances of questionable solicitations directed at homeowners. The Fed has received inquiries and complaints from recipients of direct-mail solicitations that suggest there is a Community Reinvestment Act program that entitles certain homeowners to cash grants or equity disbursements.

In an effort to spread lessons in financial literacy to the youth of our nation, the National Foundation for Credit Counseling (NFCC) is sponsoring the BE MONEY WISE National Poster Contest in 2007. The theme is “Plant the Seed of Saving to Grow Your Future.”

As part of the Office of Thrift Supervision's Consumer Protection Week series, yesterday the agency unveiled a brochure, "Consumer Fact Sheet: Buying, Giving, and Using Gift Cards," that gives advice on gift cards issued by financial institutions.

The winter issue of FDIC Consumer News, released yesterday for National Consumer Protection Week, features practical suggestions for dealing with money matters.

Yesterday, the FDIC encouraged low- and moderate-income taxpayers to take advantage of Internal Revenue Service programs and bank services that can help them save more money for future goals.

The House Financial Services Committee yesterday warned consumers that the ...

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