Georgia banks post strong first quarter
Financial institutions in Georgia earned $764 million during the first quarter of 2017, up 6.2 percent over the same period in 2016, according to the Georgia Bankers Association (GBA). GBA also re...
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NAFCU asks Consumer Financial Protection Bureau to rescind prepaid account rule
The National Association of Federally Insured Credit Unions (NAFCU) has requested that the Consumer Financial Protection Bureau (CFPB) rescind its rule regarding prepaid accounts, or at least exempt c...
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Online retailers aid July sales boost
A recently released report attributes a portion of the 0.6 percent July rise in retail sales to online retailers. Officials said the increase, detailed in the NAFCU Macro Data Flash report, repres...
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Lawmakers seek Deutsche Bank records subpoena
A group of lawmakers are petitioning the House Committee on Financial Services to request documents from Deutsche Bank related to the Russian mirror trading scheme. Officials said the written reque...
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Financial fraud decreases as chip card use increases, according to study
U.S. financial institutions saw a reduction in fraud losses in 2016, which coincides with an increased issuance of chip debit cards, according to a new survey. Fraud loss rates dropped by approxima...
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Bipartisan bill would reduce import tariffs on outdoor apparel
The U.S. Optimal Use of Trade to Develop Outerwear and Outdoor Recreation (OUTDOOR) Act, a bill to reduce import taxes on outdoor apparel, was introduced in Congress last week. The bill aiming to l...
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Barry Loudermilk
Rep. Loudermilk proposes bill to update Security Exchange Act
U.S. Rep. Barry Loudermilk (R-GA) introduced legislation last week to update the definition of a stock exchange under the Securities Exchange Act of 1934 to account for new business models. The Exc...
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Anna Maria Farías
Farías sworn to HUD post
Anna Maria Farías was sworn into duty last week as the Department of Housing and Urban Development’s (HUD) new Assistant Secretary for Fair Housing and Equal Opportunity. HUD Secretary Ben Carso...
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New home mortgage applications on rise
The Mortgage Bankers Association (MBA) Builder Applications Survey (BAS), released last week, revealed that mortgage applications for new home purchases in July of this year increased 5.1 percent in c...
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New SIFMA study shows how fiduciary rule is impacting retirement savers
The Department of Labor’s (DOL) fiduciary rule for financial advisors, which went into partial effect on June 9, is causing hardships for retirements savers, according to a new study from the Securi...
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Federal Reserve, FDIC extend deadline for large banks to file resolution plans
Federal regulators recently extended the deadline for 19 foreign banking organizations and two large domestic bank holding companies to file resolution plans – the companies’ strategy for rapid an...
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Elizabeth Warren
Sen. Warren questions bank CEOs on CFPB’s plan to eliminate arbitration clause
U.S. Sen. Elizabeth Warren (D-MA) is asking the CEOs of 16 large financial institutions if they support or oppose the Consumer Financial Protection Bureau's (CFPB) plan to eliminate the arbitration cl...
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Andre Galeano
FHFA appoints new deputy director of loan banking regulation
The Federal Housing Finance Agency (FHFA) recently appointed Andre D. Galeano to the position of Deputy Director of the Division of Federal Home Loan Bank Regulation. FHFA Director Melvin L. Watt ...
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Sen. Scott and Reps. Royce, Luetkemeyer to speak at NAFCU caucus
Sen. Tim Scott (R-SC) along with Reps. Ed Royce (R-CA) and Blaine Luetkemeyer (R-MO) will be among the speakers at the National Association of Federally Insured Credit Unions (NAFCU) Congressional Cau...
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Number of poor families struggling to pay rent on the rise, according to HUD study
The number of very poor families struggling to pay their monthly rent and living in substandard housing increased between 2013 and 2015, according to a report by the U.S. Department of Housing and Urb...
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Federal Reserve issues final guidelines on joint accounts at Fed banks
The Federal Reserve Board released final guidelines last week that will be used to evaluate requests for joint accounts at Federal Reserve Banks. Joint accounts are intended to facilitate settlemen...
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Credit card debt at record high, according to survey
National Association of Federally-Insured Credit Unions (NAFCU) officials are reporting credit card debt has risen to a record high. The NAFCU said total consumer credit rose 3.9 percent in June, w...
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Annual stress test on Fannie Mae, Freddie Mac finds worst-case scenario could lead to $99.6 billion bailout
Fannie Mae and Freddie Mac could need a bailout of up to $99.6 billion in a hypothetical worst-case scenario, according to a recently-released annual stress test on the government-sponsored enterprise...
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ICI calls for consistent best-interest standard for brokers dealing with retirement, non-retirement accounts
A consistent best-interest standard of conduct should be applied to brokers serving retail investors in both retirement and non-retirement accounts, the Investment Company Institute (ICI) told the Sec...
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CBPP warns committee-approved funding for Housing Choice Vouchers may fall short of need
Tens of thousands of low-income households could face less stable housing situations as a result of a funding bill for the Department of Housing and Urban Development that recently cleared a key Senat...
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