NewsWatch Today

With the Federal Reserve closing in on its decision about whether to take a leadership role in faster payments, ICBA is urging community bankers to contact policymakers in support of Fed involvement.

ICBA urged Congress to require all entities that are responsible for handling personal consumer information to be held to the same standards as financial institutions.

The Consumer Financial Protection Bureau issued a notice of proposed rulemaking to implement the Fair Debt Collection Practices Act. Under its proposal, debt collectors would be restricted in how frequently, and the way in which they contact consumers. The proposal also provides additional information to consumers to help them identify debts and respond to collection attempts.

The FDIC is requesting feedback on proposed revisions to the call report. The revision introduces reporting requirements on the proposed Community Bank Leverage Ratio.

Community bank grassroots advocacy was instrumental in passing the S. 2155 regulatory relief law and remains critical to advancing additional reforms, Senate Banking Committee Chairman Mike Crapo (R-Idaho) told community bankers in Washington.

The Treasury Department finalized the repeal of 296 unnecessary, duplicative or obsolete tax regulations. Treasury said the elimination of regulatory “deadwood” helps advance the policies of President Trump’s Executive Orders 13777 and 13789, which direct the department to identify and reduce burdensome tax regulations.

While megabanks have been withdrawing from local communities in the wake of the financial crisis they created, a new Wall Street Journal article claims these areas can’t possibly get by without them, ICBA President and CEO Rebeca Romero Rainey writes. ICBA and community bankers have a more positive story to share, she wrote on Main Street Matters.

The Federal Reserve said it will stick to its “patient” approach as it determines future adjustments amid concerns of a slowing global economy and last year’s financial turmoil, according to the central bank’s annual report to Congress.

ICBA and other financial services trade associations filed an amicus brief with the Supreme Court, advocating for uniformity and certainty in hearing challenges to FCC rules.

ICBA updated its Tell Your Story toolkit with a customizable press release to help community bankers encourage financial responsibility during America Saves Week, slated for Feb. 25-March 2.

Rep. Blaine Luetkemeyer (R-Mo.) urged federal regulators to begin a formal rulemaking to clarify the distinctions between guidance and rules. In a letter to regulators, Luetkemeyer encouraged the agencies to adopt the principles of a September 2018 interagency statement on the role of supervisory guidance. He said the clarity will ensure banks and examiners clearly understand the grounds for enforcement actions.