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Friday, May 27, 2016

The Week Ahead: May 30 - June 3

  • Comments Due CFTC: Notice of Intent To Renew Collection 3038-0012, Futures Volume, Open Interest, Price, Deliveries and Purchases/Sales of Futures for Commodities or for Derivatives Positions (PRA) Read more.
  • Comments Due FRB:: Consumer Satisfaction Questionnaire, the Federal Reserve Consumer Help--Consumer Survey, the Consumer Online Complaint Form, and the Appraisal Complaint Form Read more.
  • Comments Due FRB: Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations, Abbreviated Financial Statements of U.S. Nonbank Subsidiaries Held by Foreign Banking Organizations, and Capital and Asset Report for Foreign Banking Organizations (PRA) Read more.
  • Comments Due FRB:: Recordkeeping Requirements Associated with the Interagency Statement on Complex Structured Finance Activities (PRA) Read more.
  • Comments Due FRB: Single-Counterparty Credit Limits for Large Banking Organizations Read more.
  • Comments Due OCC:: Examination Questionnaire (PRA) Read more.
  • Comments Due OCC: Community and Economic Development Entities, Community Development Projects, and Other Public Welfare Investments (PRA) Read more.

All times in Eastern Standard Time. See future events on the Dodd-Frank Calendar.

Hensarling Urges Fed to Cooperate with GAO Stress Test Review

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) wrote to the Federal Reserve urging the agency to “fully cooperate” with the Government Accountability Office’s investigation of the Fed’s capital planning and stress test regimes. Hensarling has requested GAO to review the costs, benefits, effectiveness and transparency of the Fed’s Comprehensive Capital Analysis and Review program for banks with more than $50 billion in assets and the Dodd-Frank Act-mandated stress tests for banks with assets over $10 billion.

Hensarling noted that he was particularly concerned
that the Fed may have added items to the stress tests that were conceived, negotiated and approved in closed-door international meetings [and that] international fora are not readily subject to congressional oversight, nor are proposals adopted therein subject to public notice and comment under the Administrative Procedure Act.

Read the letter.

ABA Adds Second Webinar on Deposit Reconciliation Guidance

Due to overwhelming demand, ABA has added a second free, members-only webinar to help bankers understand recent interagency guidance on handling deposit discrepancies. On June 2 at 4 p.m. EDT, ABA staff members will share information they have learned in communicating with the federal banking agencies to help ensure supervisory expectations are clear.

Bankers are asked to register in advance before 5 p.m. EDT on June 1 in order to receive login information. Registration is now closed for the previously announced webinar at 3 p.m.

The guidance reminds bankers that they either must adopt deposit reconciliation policies and procedures designed to avoid discrepancies or policies and procedures that are designed to resolve discrepancies “such that customers are not disadvantaged.” The agencies also advised financial institutions to ensure that deposit reconciliation is integrated into compliance management systems.

Register for the webinar.
Read the guidance.

Thursday, May 26, 2016

FDIC Report Outlines Mobile Strategies for Banking the Underserved

As part of its broader effort to identify ways mobile banking can help meet the needs of the unbanked and underbanked, the FDIC released a report identifying possible strategies for financial providers. The FDIC report is based on focus groups conducted with unbanked or underbanked people, as well as interviews with industry executives and consumer advocacy groups.

The six strategies identified by the focus groups include improving customer access to timely account information, expediting access to money, making banking more affordable through better account management, addressing real and perceived security shortfalls, increasing awareness of mobile tools and encouraging long-term financial management. Consumers report that mobile banking is already improving the banking experience by enhancing individual control over financial behaviors, the FDIC said.

Mobile is an especially promising channel for reaching the underbanked, the FDIC said, noting that underbanked households are 4% more likely to have a smartphone than fully banked households. More than 90% of underbanked millennials -- those aged between 18 and 34 -- have smartphone access.

Bankers are invited to provide feedback on how they are currently employing these strategies, how best to shape a demonstration project and how interested they are in participating in a demonstration. Comments are due by June 15 and may be emailed to

Read the report.

ABA Urges Support for SBA Lending Oversight Bill

ABA has urged members of the Senate Small Business and Entrepreneurship Committee to support legislation that would set forth an appropriate level of oversight of participation in the Small Business Administration’s popular 7(a) program.

In a letter supporting the Small Business Lending Oversight Act, ABA noted the significant growth in the use of the 7(a) program in recent years and said such growth can bring challenges “if strong oversight is not incorporated into the program to ensure that lenders, borrowers and SBA have strong systems in place” to ensure proper behavior and appropriate responses to violations.

The committee will hold a hearing the topic today, with SBA Administrator Maria Contreras-Sweet scheduled to testify.

Read the letter.

Spending Bill Would Reform CFPB Advances

The House Appropriations subcommittee on financial services passed its fiscal year 2017 spending bill, which includes several ABA policy priorities. The bill would reform the CFPB by replacing the director with a bipartisan five-member commission and fund it through congressional appropriations, rather than directly from the Federal Reserve. It would also stop the CFPB’s rulemaking process limiting the usefulness of arbitration agreements.

The spending bill would also provide full funding for the Small Business Administration’s 7(a) and 504 business loan programs, as advocated by ABA. It also includes a measure changing the U.S. Bankruptcy Code to facilitate the orderly resolution of a failing financial firm.

Read more.