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Monday, September 15, 2014

House to Vote on ABA-Advocated Reg Relief Provisions

The full House is scheduled to vote on several regulatory relief measures for which ABA has advocated. The provisions include an exemption from Volcker Rule prohibitions for collateralized loan obligations issued prior to Jan. 31, 2014, and they clarify the definition of CLO ownership in a way that would allow more banks to retain CLOs.

The measures would also clarify the Qualified Mortgage points and fees test so as not to harm wholesale originators; exempt bank end users from margin requirements when using swaps to mitigate risk; and correct the SEC registration threshold for savings and loan holding companies.

Meanwhile, ABA Chairman Jeff Plagge — president and CEO of Northwest Financial Corp., Arnolds Park, Iowa — will testify about the regulatory burdens faced by community banks at a hearing tomorrow morning before the Senate Banking Committee.

The Senate panel will also discuss consumer protection in financial services on Thursday at 11 a.m. The House Financial Services Committee will hold an oversight hearing on the FSOC on Wednesday at 10 a.m.

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