Tennessee Bankers

This Week Newsletter



March 12, 2018 - Issue No. 1810


Senate Takes Action on Reg Relief Legislation

The Senate last Tuesday voted to open debate on S. 2155, the bipartisan regulatory reform bill championed by Senate Banking Committee Chairman Mike Crapo (R-Idaho) and four of his Democratic colleagues. The vote to open up debate on the bill, which currently has 12 Democratic cosponsors and one independent who caucuses with Democrats, was 67-32. All Republicans voting supported the motion, and in addition to the cosponsors, four Democrats voted to open debate.

On Wednesday night, Sen. Crapo released a revised version of S. 2155, which reflects bipartisan negotiations for several clarifications and a number of additional provisions.

Additions to the bill include a set of capital access proposals that have passed the House with bipartisan majorities and new provisions related to student loan borrowers. The revised bill also has a new provision creating a database to help financial institutions fight synthetic identity fraud and a bipartisan measure introduced in both houses of Congress that would clarify the regulatory treatment of high-volatility commercial real estate loans.

The Senate is set to continue debate this week.

TBA Legislation on Public Deposits Passes House Subcommittee

The House Finance, Ways and Means Subcommittee last Tuesday passed unanimously by voice vote TBA’s legislation that would allow banks to pledge out-of-state bonds as collateral for public deposits. The legislation (SB 2684 by Bailey and HB 1707 by Wirgau) will allow such bonds to be pledged if they are AA- rated, an equivalent rating, or higher; are “bank qualified,” and are not a structured debt instrument.

HB 1707 will be heard in the full House Finance, Ways and Means Committee Tuesday, and SB 2684 is scheduled to be heard in the Senate State and Local Government Committee March 20.

TBA’s government relations team thanks all of the bankers who contacted legislators and urged them to support this legislation. 

House Passes Several Reg Reform Bills

As the Senate debated comprehensive regulatory relief legislation, last Tuesday the House passed three regulatory reform bills. Passing by voice votes were H.R. 2226, which would provide a Qualified Mortgage safe harbor for mortgages held in portfolio by banks with less than $10 billion in assets, and H.R. 4725, which would reduce the regulatory reporting burden on community banks.

The House also passed H.R. 4607, a measure that would improve the Economic Growth and Regulatory Paperwork Reduction Act regulatory review process, by a bipartisan vote of 264 to 143.

CFPB Seeks Feedback on Rulemaking Processes

The CFPB issued a request for information seeking feedback on its rulemaking processes—the seventh in an ongoing series of RFIs designed to provide the CFPB with input on how it is fulfilling its statutory obligations and how to improve outcomes for both consumers and covered entities.

The public may submit comments on the efficiency and effectiveness of the CFPB’s rulemaking processes, including its initial outreach and information gathering efforts, its analysis of the effects of proposed and final rules, and its consultation with prudential regulators about proposed and final rules. Commenters are invited to provide feedback on positive and negative aspects of the rulemaking process as well as suggestions on how certain processes could be improved and on any processes that should not be modified. Read the RFI.

Brush Up on the Latest TRID Rules

This two-day program, held April 19-20 at TBA Barrett Training Center in Nashville, reviews all of the TRID rules, with particular emphasis on the 2017 amendments. Content includes: coverage and exemption requirements; timing requirements for the loan estimate and the closing disclosure; limitations on pre-disclosure activities; issues related to the special information booklet; line-by-line instructions for completing the loan estimate and the closing disclosure; and guidance on disclosures for construction loans.

Participants will receive a detailed manual that serves as a handbook long after the program is completed.

Click here to register.

Leadership Convention returns to the iconic Peabody April 15-17

Annually attracting more than 100 young banking leaders from across the state, Leadership Convention is designed to promote professional and personal growth for the next generation of Tennessee banking executives. April 15-17, the convention returns to the iconic Peabody Hotel and features a strong business agenda featuring speakers on industry trends and leadership development, including a keynote address by Coach Bill Courtney, the subject of the Oscar-winning documentary Undefeated. The 2018 Convention will also include expanded opportunities for networking at Memphis' downtown attractions and through peer roundtable discussion.

Team discounts and early registration pricing ends April 1. Rooms at The Peabody Memphis are only available through March 26.

Click here to register.

TBA On the Road

  • TBA hosts Day on the Hill at the State Capitol on Tuesday with over 70 attendees.
  • The TBA Young Bankers Board of Directors holds their quarterly meeting in Nashville.

See where TBA goes while "on the road" by following @TNBankers.