The National Credit Union Administration board is scheduled to meet at 10 a.m. (Eastern time) today to vote on an ICBA-opposed final rule allowing credit unions to issue subordinated debt as an alternative form of capital.
The supply chain attack on the SolarWinds Orion Platform, and the subsequent breaches to its customers, is a significant cybersecurity event that is affecting every corner of the public and private sectors, including community banking.
The FDIC proposed a rule to amend the agency’s Suspicious Activity Report regulation. The proposal would permit the FDIC to issue additional, case-by-case exemptions from SAR filing requirements to FDIC-supervised institutions.
ICBA President and CEO Rebeca Romero Rainey called on community bankers to make a final push for Congress to pass an economic relief package with key stimulus priorities.
The Consumer Financial Protection Bureau's outline of proposals for implementing small-business data collection and reporting rules is too broad and should be narrowed, ICBA said.
ICBA and 44 state community banking associations called on Congress to fully forgive Economic Injury Disaster Loan Advances for recipients who also have a Paycheck Protection Program loan.
The FDIC board of directors is set to meet tomorrow to vote on a final rule to codify its capital, liquidity and source-of-strength requirements for industrial loan company parent companies.
More regular and informal meetings between banks and regulators to discuss operations and emerging risks could reduce the need for cumbersome quarterly reporting, FDIC Chairman Jelena McWilliams said.
With Congress running out of time to pass a stimulus package by year-end, ICBA is calling on community bankers to reach out to their lawmakers and enlist small-business customers on outstanding priorities.
The Consumer Financial Protection Bureau finalized rules addressing the pending expiration of the "GSE Patch," which exempts Fannie Mae and Freddie Mac mortgage loans from parts of the bureau's Qualified Mortgage rule.
The Senate is expected to vote as soon as today on a compromise defense spending bill that includes a key step toward ICBA-advocated relief from "beneficial ownership" disclosure mandates.
