Links in “Proposals, Requests, & Comments”
- House Committee to Weigh Replacing CFPB Director with 5-Member Commission
ABA lends its support to the concept of replacing single director with a 5-member commission to address the "extremely broad authority" of the bureau's director. Committee meets today. [11/20]
- NACHA Proposes Changes to Reduce ACH Exceptions
NACHA has issued two proposals that aim to reduce ACH exceptions and provide incentives to improve origination quality. NACHA claims that the proposed changes will improve its ability to identify and enforce rules against ACH âoutliersâ and provide partial cost recovery to receiving depository financial institutions. [11/14]
- FDIC & OCC Proposal on Liquidity Risk Management
While the proposal focuses on large FIs over $10 billion, the need for attention to liquidity risk management has never been greater. [10/31]
- Prize-Linked Savings Accounts May Be Coming to Your Door
Bills allowing credit unions and other financial institutions to offers prize-linked savings accounts (PLS) have been introduced in both the House and the Senate. These accounts are designed to promote savings by offering account holders the opportunity to earn entries for cash drawings every time they deposit a minimum dollar amount. Currently, many states do not permit financial institutions to operate lotteries. [10/31]
- Bill to Delay Flood Insurance Premium Hikes
Independent Community Bankers of America applaud new legislation designed to protect homeowners from significant flood insurance premiums that began being phased in on Oct. 1. [10/30]
- Not Wasting Time, Diversity Proposal Hits Federal Register
Take notice. Office of Minority and Women Inclusion (OMWI) proposal hits Federal Register with 60-day comment period. The impact on FIs will depend on size, but the proposal notes elements such as filing of reports (EEO-1), preparation of annual affirmative action plans, metrics to evaluate and assess workforce diversity and inclusion efforts, management accountability for diversity and inclusion efforts through policies and practices that create diverse applicant pools for both internal and external opportunities. [10/25]
- NCUA Finalizes Liquidity Rule
Yesterday, the NCUA Board approved a final rule that requires all federally insured credit unions to take specific steps to ensure they have adequate liquidity. The requirements are tiered based on asset size. In addition, the Board approved a proposed rule that will required stress testing for all federally insured credit unions with assets of more than $10 billion. [10/25]
- Proposal to Modify QM Definition of Points and Fees
In an effort to soften the requirements for a loan to be considered a qualified mortgage, a bill (Mortgage Choice Act, H.R. 3211) has been introduced to exclude title and escrow charges from the definition of points and fees. [10/23]
- Proposed Flood Rules Would Force Banks to Accept Private Insurance
FRB, OCC and FDIC propose rules that would require banks to accept qualified private insurance on loans backed by properties in areas at risk for flooding. [10/15]
- Congress to Consider Bill to Make It Easier to Close a Bank Account
Consumers are logging complaints about how difficult it can be to close a bank account. In addition, once an account is closed it may be reopened to make payments that can generate overdraft fees. The proposed bill would, among other things, allow a consumer to close an account, regardless of the balance, without a fee and prohibit a financial institution from reopening the account without the consumerâs consent. [10/14]
