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Tuesday, January 27, 2015

Agencies Release Capital and Liquidity Interim Final Rule

The OCC and the Federal Reserve are amending certain provisions of the agencies’ capital and liquidity rules in an effort to ensure that the treatment of over-the-counter derivatives, eligible margin loans and repo-style transactions is unaffected by implementation of special resolution regimes in foreign jurisdictions or by the International Swaps and Derivatives Association Resolution Stay Protocol (ISDA Protocol).

The rulemaking amends definitions of “qualifying master netting agreement,” “collateral agreement,” “eligible margin loan,” and “repo-style transactions.”

Read more.

OCC Names Official to Supervise Problem Banks

The OCC appointed Michael Brickman to be deputy comptroller for special supervision, in which capacity he will supervise the agency’s “most critical problem midsize and community banks” and help plan their closings, resolutions or turnarounds. Brickman joined the OCC from the Office of Thrift Supervision in 2011. He replaces Kristina Whittaker, who retires next month.

Read more.

Keating Talks Dodd-Frank Fixes on Fox Business

The Dodd-Frank Act needs some tweaks to make it work better, and those who oppose fixing the law are standing in the way, ABA President and CEO Frank Keating said yesterday on Fox Business’ “Opening Bell” program hosted by Maria Bartiromo. Keating explained:

We’re not asking for repeal. We’re asking for amendments that will make it easier for people to get mortgage loans and borrow money from banks. Let’s make the system work better for ordinary borrowers.

One example Keating cited is a proposal to allow loans held by banks in portfolio to be automatically considered Qualified Mortgages.

It’s just a simple thing. If you make a mortgage loan and you keep it on your own books, it’s prudently underwritten -- it’s on the bank if something goes south -- why can’t that be a Qualified Mortgage?

Watch the interview.

Monday, January 26, 2015

ABA Releases 2015 ‘Key Banking Issues’ Guide for Congress

ABA will distribute to Capitol Hill offices a new resource to inform lawmakers about what they need to know to help America’s hometown banks.

The 2015 Key Banking Issues guide provides an overview of the banking industry’s economic impact and outlines concrete actions Congress can take to remove impediments to serving customers, eliminate distortions in the marketplace, improve home loan access and facilitate the growth of jobs and the economy.

The guide will be given in-person to first-term lawmakers, when bankers and state association executives from across the country will participate in tomorrow’s ABA Freshman Fly-In in Washington, D.C. The fly-in is part of an effort to lay the foundation for solid and lasting personal relationships with the 71 new members of Congress and educate them about key banking issues.

Bankers will also have an opportunity to meet with their members of Congress and educate them about banking issues during the ABA Government Relations Summit, March 23-25 in Washington.

Download the guide.
Register for the Summit.

Keating in USA Today: Dodd-Frank Still Needs Fixing

The Dodd-Frank Act is not perfect and troublesome provisions still need to be fixed, ABA President and CEO Frank Keating said in a USA Today “Opposing View” editorial this morning. He was responding to an editorial arguing against further modifications to the law. Keating wrote:

No one ever confused Capitol Hill for Mount Sinai. But some today think the Dodd-Frank Act is as set in stone as the two tablets of the Ten Commandments. The sooner we stop pretending that the law is holy writ, the sooner we can make Dodd-Frank work better for American families and small businesses.

He highlighted three examples among several: allowing home loans held in portfolio to be designated as Qualified Mortgages, providing extra time to safely wind down investments in collateralized loan obligations prohibited under the Volcker Rule and creating an appeals process for CFPB designations of rural and underserved areas.

Read the editorial.

Friday, January 23, 2015

Senate Banking Committee Announces Rosters for Subcommittees

Senate Banking Committee Chairman Richard Shelby announced the rosters for the panel’s subcommittees. Senator Mike Crapo, the full committee's ranking member in the last Congress, will chair the Securities, Insurance and Investment subcommittee. Sen. Tim Scott, a new member of the committee, will chair the Housing, Transportation and Community Development subcommittee. Sen. Patrick Toomey will chair the Financial Institutions and Consumer Protection subcommittee. Sen. Dean Heller will chair the Economic Policy subcommittee. Sen. Mark Kirk will chair the National Security and International Trade and Finance subcommittee.