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Fed’s Tarullo Offers ‘Departing Thoughts’ on Dodd-Frank

April 4 – Departing Governor of the Federal Reserve Board Daniel Tarullo has signed off, but not without warning of forgetting the lessons of the financial crisis from 2007 to 2009. In a speech Tuesday at Princeton University, he discussed how financial regulation changed after the crisis. (more…)

Government Orders Wells Fargo to Reinstate Whistleblower

April 4 – Wells Fargo Bank N.A. has been ordered to compensate and immediately reinstate a former bank manager who lost his job after reporting suspected fraudulent behavior to superiors and a bank ethics hotline. (more…)

ABA, ICBA Urge Principles to Guide Infrastructure Programs

April 3 – As some of President Trump’s campaign promises have proved somewhat elusive, focus has now shifted from health-care reform to infrastructure spending, and the two major banking groups have plenty to say about that. The American Bankers Association and the Independent Community Bankers of America have joined forces in outreach to the White House with a joint letter March 30 to the president asking that a national infrastructure program prioritize interests of rural Americans and the banks that serve them. (more…)

Witnesses Tell Subcommittee of Dodd-Frank’s Inconsistent ‘Too Big to Fail’ Process

March 28 – The Oversight and Investigations Subcommittee held a hearing on Tuesday to examine the arbitrary and inconsistent process used by the Financial Stability Oversight Council to designate systemically important financial institutions, or those deemed by Washington as “too big to fail.” (more…)

FDIC Reports on Youth Savings Pilot Program

March 28 – The FDIC released of a report on its Youth Savings Pilot program at a meeting of its Community Banking Advisory Committee. The pilot program identifies promising approaches to combining financial education with the opening of safe, low-cost savings accounts for school-aged children. Financial education and school-based savings programs introduce young people to financial concepts and services at an early age, and promote savings habits at a formative age. (more…)

CFPB Revisits Collection of Ethnicity Data on Mortgage Applicants

March 24 – The Consumer Financial Protection Bureau released a proposal to amend Equal Credit Opportunity Act regulations to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. The CFPB believes the proposed amendments will provide greater clarity to lenders regarding their obligations under the law, while promoting compliance with rules intended to ensure consumers are treated fairly.

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OCC Reports Increase in Trading Revenue

March 24 – Trading revenue of U.S. commercial banks and savings associations increased to $6 billion in the fourth quarter of 2016, $1.7 billion higher than the fourth quarter a year earlier, according to a report released by the Office of the Comptroller of the Currency. (more…)

Trade Groups Have Mixed Reviews of EGRPRA Report

March 24 – Trade groups representing banks and credit unions had mixed reactions to a joint report to Congress by member agencies of the Federal Financial Institutions Examination Council about their efforts to reduce regulatory burden. The mandatory review was conducted as part of the Economic Growth and Regulatory Paperwork Reduction Act by the Federal Reserve System Board, the Office of the Comptroller of the Currency and the FDIC, and in conjunction with the National Credit Union Administration. (more…)

New Markets Tax Credit Briefing Demonstrates Credit’s Success in Rural and Urban Communities

March 24 – The NMTC Coalition hosted a briefing on Capitol Hill  to share information on the impact of the New Markets Tax Credit (NMTC) in rural and urban communities. Leading the event was Robert W. Davenport, President of NMTC Coalition and Special Advisor to National Development Council.  Longtime NMTC champion and original cosponsor of the New Markets Tax Credit Extension Act of 2017 (HR 1098), Congressman Tom Reed, provided opening remarks. The event featured a video explaining the mechanics of the NMTC and four presentations by NMTC Coalition Board Members on projects from NMTC at Work in Communities Across America, a report released in December 2016 by the Coalition.

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Century Bank and FHLB Dallas Help Fund New Project

March 24 – A $287,000 Affordable Housing Program (AHP) grant from Century Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas) will help fund the construction of a $10.2 million construction project, the Wa-di Housing Project, a 41-unit apartment community for very low- and low-income residents on the Kewa Pueblo Reservation in New Mexico.

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