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Government News - Page 2

GOP Senator Introduces Bills to Lessen Bank Regulations, Defund CFPB

February 20 – Federal regulatory agencies would be required to take risk profiles and business models of institutions into account when crafting regulations, in a new bill introduced by Sen. Mike Rounds, R-S.D., a member of the Senate Banking Committee. Rounds also introduced a bill to defund the Consumer Financial Protection Bureau. (more…)

Mnuchin Sworn in as Treasury Secretary

February 13 – Former Goldman Sachs banker Steven T. Mnuchin has been sworn in as Secretary of the Treasury after a divided Senate voted 53-47 in favor of his confirmation.  Mnuchin will be the principal economic advisor to President Donald Trump on domestic and international financial, economic and tax issues.

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Fed’s Tarullo, Architect of Regulations in Wake of Financial Crisis, to Resign

February 10 – Fed Governor Daniel Tarullo has announced his plan to resign as a member of the Federal Reserve Board, effective on or around April 5. He has been a member of the board since January 2009. (more…)

Fed President Says Regulations Would Help Fintech

February 13 – Some form of regulation is in the interest of the evolving fintech industry, Federal Reserve Bank of Philadelphia President Patrick T. Harker said recently in remarks at the Global Interdependence Center’s Payment Systems in the Internet Age conference in San Diego. “Regulation is not just a question of protecting consumers; it’s a question of protecting the innovators as well,” Harker said. “It’s in their best interest to have an established framework in which to operate.” (more…)

ABA Sues Government for Dividend Cut, Invokes Community Banks

February 10 – The American Bankers Association and Seattle-based Washington Federal have filed a class-action lawsuit on behalf of Federal Reserve member banks whose dividends were cut by policymakers in late 2015 as part of a highway-funding bill. (more…)

First Federal Bank of Louisiana, FHLB Dallas Award Third Grant to Project Build a Future

February 14 – The Federal Home Loan Bank of Dallas (FHLB Dallas) and member institution First Federal Bank of Louisiana (FFBLA) have awarded a $4,000 grant to Project Build a Future (PBAF), an affordable housing nonprofit. It marks the charity’s third grant for a total of $8,000 since 2014 through FHLB Dallas’ Partnership Grant Program (PGP). The recent grant will be used in the construction of six homes at V.E. Washington Street and Broad Street in Lake Charles.

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St. Louis Fed President Takes on Thorny Issue of FOMC Predictions

February 9 –  In a speech at the St. Louis Financial Forum on the outlook for monetary policy, St. Louis Federal Reserve President James Bullard discussed the problematic predictions in recent years of the Federal Open Market Committee.

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CSBS Releases BSA/AML Self-Assessment Tool

February 7 – State regulators have released a new, voluntary tool to help banks and non-depository financial institutions better manage Bank Secrecy Act/Anti-money laundering risk. (more…)

Trump Calls for Review of Dodd-Frank Act

February 3 – President Donald Trump signed an executive order on Feb. 3 mandating a thorough review of financial regulations including the Dodd-Frank Act. It is expected to foster major changes in Dodd-Frank. (more…)

1.5 Million Dollars in FHLB Dallas Home Repair Grants Snapped Up in One Week

February 3 – As it has since 2009, demand for home repair grants from the Federal Home Loan Bank of Dallas (FHLB Dallas) continued in 2017. In only seven days, nearly 300 qualified homeowners submitted applications, through more than 40 FHLB Dallas member institutions, for $1.5 million in Special Needs Assistance Program (SNAP) grants.

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