Credit unions target trust services
Seven Michigan credit unions are seeking to establish a new limited purpose financial institution designed to provide trust services primarily to credit union members. “We have a long way to go ...
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SEC proposes rule changes to disclosure requirements for debt offerings
The Securities and Exchange Commission (SEC) proposed last week amendments to streamline the financial disclosure requirements for debt offerings for guarantors and issuers of guaranteed securities. ...
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Robert G. Jones
Jones to chair ABA’s bankers council
Robert G. Jones has been appointed chairman of the American Bankers Association’s American Bankers Council for the 2018-2019 membership year. “Midsize banks are critical economic drivers, and t...
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Federal Reserve issues enforcement action with Kentucky bank
The Federal Reserve Board has issued a consent order against a Kentucky-based financial institution for unfair and deceptive practices. Officials said the consent order requires Community Trust Ban...
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CUNA supports flood insurance program extension
The Credit Union National Association (CUNA) is supporting House passage of legislation authorizing the extension of the National Flood Insurance Program (NFIP) an additional four months. Officials...
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Bill targeting digital currency safeguards advances House committee
A measure designed to combat potential terrorist use of digital currencies advanced the House Financial Services Committee passage. The Financial Technology Protection Act, introduced by Rep. Ted B...
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Bill seeks to spur mortgage interest rate competitiveness
A bill designed to provide home buyers more options for more competitive mortgage interest rates has gained House Financial Services Committee approval. Officials said the Mortgage Fairness Act, in...
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CFTC seeks to simplify notification provisions
The Commodity Futures Trading Commission (CFTC) has approved a proposal designed to aid registrants and market participants by simplifying complex notification provisions. The Commission unanimousl...
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Maryland Insurance Administration targets industry fraud
Maryland Insurance Administration (MIA) will continue to investigate and prosecute individuals and businesses committing insurance fraud, the administration recently announced. During the first ha...
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Lawmakers seek SEC rule clarification
Sens. Elizabeth Warren (D-MA), Cory Booker (D-NJ), and Sherrod Brown (D-OH) recently forwarded correspondence to the Financial Industry Regulatory Authority (FINRA) as means of gaining clarity regardi...
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Bill targets IRS administrative reform
Sens. Orrin Hatch (R-UT) and Ron Wyden (D-OR) introduced last week a measure designed to reform certain administrative practices at the Internal Revenue Service (IRS). The legislation is based on t...
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Watkins to lead new CFPB division
Paul Watkins has been chosen to lead the Consumer Financial Protection Bureau’s (CFPB) new Office of Innovation. Bureau Acting Director Mick Mulvaney recently announced the decision, citing Watki...
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NVCA lauds House advancement of JOBS Act
The National Venture Capital Association (NVCA) is lauding House advancement of the JOBS and Investor Confidence Act of 2018 by a vote of 406-4. “The JOBS and Investor Confidence Act of 2018 is ...
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NAHB links housing starts decline to tariffs
National Association of Home Builders (NAHB) officials recently commented on new data released by the Department of Housing and Urban Development and the Commerce Department, linking the June decline ...
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Rep. Hensarling urges Congress to pass flood insurance bill
Rep. Jeb Hensarling (R-TX) recently urged Congress to pass a bill that would extend the National Flood Insurance Program (NFIP) through Nov. 30, 2018. While the House advanced the bipartisan legisl...
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House subcommittee examines digital currencies
The House Monetary Policy and Trade Subcommittee recently studied the extent to which the government should consider cryptocurrencies as money and its impact on domestic and foreign economies. “...
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Legislation seeks to reform capital markets, advances House
Lawmakers recently lauded the House advancement of the JOBS and Investor Confidence Act of 2018, stating that it is a step toward helping small businesses, entrepreneurs, and investors by reforming ca...
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House subcommittee examines ways to address regulatory challenges on banks
The House Subcommittee on Financial Institutions and Consumer Credit held a hearing this week to examine regulations for financial institutions and to explore ways to address regulatory challenges. ...
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House Financial Services Committee advances package of bills to help small businesses
House Financial Services Committee advanced Monday a legislative package designed to help small businesses and entrepreneurs. The package, called the “JOBS and Investor Confidence Act of 2018,”...
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Consumer Bankers Association comments on CFPB complaint process
The Consumer Bankers Association (CBA) recently submitted comments on the Consumer Financial Protection Bureau’s (CFPB) consumer complaint and inquiry handling process. The Bureau has solicited ...
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