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Government News

Fed Raises Federal Funds Rate

June 19 — In view of realized and expected labor market conditions and inflation, the Federal Open Market Committee at its meeting last week decided to raise the target range for the federal funds rate to 1 to 1.25 percent. The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation, the FOMC said.


Nominee Named for Comptroller of the Currency

June 12 — Nominated for Comptroller of the Currency by President Donald Trump was Joseph Otting, veteran banker and former president and CEO of OneWest Bank N.A., based in Pasadena, Calif. Otting has ties to Treasury Secretary Steven Mnuchin. (more…)

House of Representatives Passes Financial CHOICE Act

June 9 — The long-awaited Financial CHOICE Act designed to overhaul the Dodd-Frank Act was passed by the House of Representatives on June 8. The Independent Community Bankers of America and the American Bankers Association were pleased with the efforts of Financial Services Committee Chairman Jeb Hensarling, R-Texas, and his colleagues in achieving this goal. 


Federal Reserve Board Updates Regulation Governing Electronic Checks

June 5 — The Federal Reserve Board has finalized amendments to the check collection and return provisions in Regulation CC. The board also requested further public comment on an additional proposed amendment to Regulation CC’s liability provisions.


Retailers Welcome Reports That House Will Drop Efforts to Repeal Debit Card Swipe Fee Reform

May 26 – The National Retail Federation welcomes reports that House Republican leaders plan to abandon an attempt to repeal debit card swipe fee reform that has saved retailers and their customers more than $40 billion and brought badly needed competition to the payments market.


Time to Repeal the Durbin Amendment Is Now: New Survey Underscores Policy’s Failures

May 23 – New Morning Consult survey data just released confirms the need to end the Durbin amendment, with seven in 10 voters unaware of having received a discount at the register since the policy went into effect. Across party lines, voters agree that if merchants aren’t passing along savings from the law, it should be repealed. To date, big box stores have pocketed $42 billion at their customers’ expense. The new polling data found nearly 70 percent of voters say these big box retailers like Target and Walmart are looking out for their own bottom lines, not main street interests.


FDIC Releases Handbook for Organizers of De Novos

May 17 —  A final handbook to assist parties interested in establishing new banks was released by the FDIC. As part of the regulator’s ongoing commitment to work with organizers, the handbook – Applying for Deposit Insurance – A Handbook for Organizers of De Novo Institutions – was designed to provide a plain language overview of the requirements and considerations significant to the application process, and to provide organizers a clear and transparent explanation of the path to obtaining deposit insurance.


Freddie Mac Proposes Plan to Increase Home Ownership in Underserved Areas

May 15 – Freddie Mac is attempting to remedy underserved housing markets with its Duty to Serve plan, which details proposals for addressing some of the country’s most persistent affordable housing problems. (more…)

CFPB Turns Focus to Small Business Lending; Banking Trade Groups Object

May 16 – The Consumer Financial Protection Bureau is looking into ways to gather and use new and existing information to identify the financing needs of small businesses, especially those owned by women and minorities. (more…)

ICBA White Paper to Treasury Offers Roadmap for Economic Growth

May 12 – The Independent Community Bankers of America (ICBA) has delivered to the Treasury Department a comprehensive white paper to bolster economic and job growth through tiered and proportionate community banking regulations. “Community Bank Regulatory Relief: A Roadmap to Economic Growth and Prosperity” outlines ICBA’s plan to modernize regulations on community banks so they can continue fostering economic recovery in communities of all sizes across the country.


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