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Friday, May 29, 2015
Three Key Takeaways from Senate Panel’s Split Vote for Reg Relief
Lawmakers on the Senate Banking Committee may still stand divided on regulatory reform, but Thursday's markup points to ongoing desire for a way forward.
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WASHINGTON — The Senate Banking Committee approved a broad regulatory reform bill Thursday on party lines, with lawmakers on both sides of the aisle vowing to continue negotiations this summer. more »
Credit union and banking trade groups sent a joint letter Friday urging members of the Senate Banking Committee to move forward on bipartisan regulatory relief legislation ahead of a markup next week. more »
The Obama admnistration voiced major concerns Wednesday with a Senate regulatory reform package up for a vote next week in the Banking Committee. more »
GOP staff said the bill was intended to steer clear of provisions that would have automatically delayed or derailed the bill. But Democrats already were saying it went too far. Following is a complete guide to what’s in the bill. more »
CFPB and Justice are taking a renewed interest in redlining, the practice of lenders charging more for products or excluding altogether minorities within certain geographic areas — and their findings may be surprising. more »
Senate Banking Committee Chairman Richard Shelby announced Friday he was pushing back a planned vote on regulatory relief until May 21, a week after it was initially scheduled. more »
WASHINGTON — All 10 Democrats on the Senate Banking Committee sent a joint letter Friday that said they plan to oppose a regulatory relief bill scheduled for a panel vote next week since Republicans have not yet provided legislative language to all members. more »
The CFPB found that more than 26 million consumers are effectively "credit invisible" because they have no credit record and another 19 million are "unscored" because they have an insufficient or stale credit history. But it's unclear how the CFPB plans to tackle the issue. more »
Though concerned about diluting NCUA's efforts to help small CUs survive and thrive, credit unions largely support the agency's proposal to increase asset-size definition from $50 million to $100 million, with most pushing for going all the way up to $550 million, in keeping with the FDIC's definition. more »
Two House Financial Services Committee members introduced a bipartisan bill late last week that is designed to give lenders breathing room when new disclosure rules go into effect on Aug. 1. more »
NCUA Board Member Mark McWatters said the agency's risk-based capital proposal punishes credit unions for sins they did not commit during the financial crisis. more »
Regulators' latest guide for examining AML lacks wholesale changes, but some minor changes still could pack a major punch. more »
NCUA officials still have several more months of work ahead of them before they unveil a comprehensive overhaul of their Field of Membership rules, but the agency completed a kind of trial run Thursday, approving a much narrower amendment to the rules governing associational common bonds. more »
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Money DOES Grow On Trees
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