On March 30, 2023, the White House endorsed several proposals to strengthen regulatory requirements for the banking industry in the wake of the Silicon Valley Bank and Signature Bank failures. This comes on the heels of President Biden’s March 13, 2023 remarks where he noted his intention to ask Congress and the banking regulators to “strengthen the rules for banks” to decrease the likelihood of similar failures in the future.… Continue Reading
Bipartisan regulatory reform bill includes significant changes for community banks
On November 13, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” Following the announcement, a draft of a bill was released by Senator Mike Crapo, who chairs the Banking Committee. A markup of the bill is scheduled for December 5, 2017.… Continue Reading
Community bank and credit union trade groups raise concerns about CFPB’s payday lending proposal
The Independent Community Bankers of America and the Credit Union National Association have sent a letter to Director Cordray “to express serious concerns” about the CFPB’s proposed rule covering single-payment payday and auto title loans, deposit advance products, and certain high-rate installment and open-end loans.
ICBA and CUNA state that the proposal “if finalized in its current form, would unquestionably disrupt lending by credit unions and community banks.” … Continue Reading
House Financial Services Committee to hold hearing on community bank regulatory burdens
On April 16, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing on “Examining Community Bank Regulatory Burdens.” Among the witnesses scheduled to appear is Charles Kim, Executive Vice President & Chief Financial Officer, Commerce Bancshares, Inc., who will appear on behalf of the Consumer Bankers Association. … Continue Reading