Comment Countdown Starts on CRA Reform Proposal
The OCC and FDIC proposed rule to modernize Community Reinvestment Act regulations was published in the Federal Register, kicking off the proposal’s 60-day comment period. Comments will be due to the agencies by March 9.
ICBA is closely reviewing the proposal, which includes ICBA-supported provisions on defining small-business loans, promoting lending to family farms, codifying pre-approved CRA activities, and allowing community banks with $500 million or less in assets to opt into the revised framework.
Federal Reserve Gov. Lael Brainard this week laid out the Fed's efforts to develop new CRA metrics and tests, noting that an interagency proposal with the OCC and FDIC would be the best approach for reform. The House Financial Services Committee has scheduled two hearings starting next week on the OCC-FDIC proposal.
ICBA is closely reviewing the proposal, which includes ICBA-supported provisions on defining small-business loans, promoting lending to family farms, codifying pre-approved CRA activities, and allowing community banks with $500 million or less in assets to opt into the revised framework.
Federal Reserve Gov. Lael Brainard this week laid out the Fed's efforts to develop new CRA metrics and tests, noting that an interagency proposal with the OCC and FDIC would be the best approach for reform. The House Financial Services Committee has scheduled two hearings starting next week on the OCC-FDIC proposal.
Wake Up and Take Action on Credit Unions
The Independent Community Bankers of America and the nation's community banks are calling on policymakers and the public to “Wake Up” to the risky practices, costly tax subsidies, and irresponsibly lax oversight of the nation’s credit unions.
The “Wake Up” campaign encourages policymakers to open their eyes to the growing threats posed by credit unions' abandonment of their founding mission facilitated by their captive federal regulator, the National Credit Union Administration.
It is long past time for policymakers to wake up to the new realities of the credit union industry and subject it to the same level of scrutiny for the sake of our nation’s consumers and economic well-being. This is not the time to press snooze.
The “Wake Up” campaign encourages policymakers to open their eyes to the growing threats posed by credit unions' abandonment of their founding mission facilitated by their captive federal regulator, the National Credit Union Administration.
It is long past time for policymakers to wake up to the new realities of the credit union industry and subject it to the same level of scrutiny for the sake of our nation’s consumers and economic well-being. This is not the time to press snooze.
FEMA Offers $1.38 in 2020 Reinsurance for Flood Insurance
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Effective Jan. 1, for the fourth consecutive year, FEMA secured $1.33 billion in reinsurance to cover qualifying flood loss under the National Flood Insurance Program (NFIP) ahead of the 2020 hurricane season. This placement complements NFIP’s existing capital markets placements, and it continues FEMA's risk management practice against future catastrophic flood losses.
In the 2020 Reinsurance Agreement, 27 reinsurance companies agreed to compensate FEMA for flood losses from qualifying flood events between $4 and $10 billion. FEMA paid a total premium of $205 million for the coverage. For additional information about the 2020 reinsurance placement, visit the FEMA website. The National Flood Insurance Program Reinsurance Program helps FEMA to promote private sector participation in flood-risk management. Since previous reinsurance placements beginning in August 2018, FEMA has completed the transfer of $2.13 billion of the NFIP flood risk to the private sector. |
VACB Training Opportunities - New Program Offered for 2020
VACB is pleased to offer new training opportunities along with their stable of reliable programming. We are excited to be launching a BSA/AML Boot Camp for newer Bank Secrecy Act staff. This program will be taught by Dianne Barton with Performance Solutions, Inc. on February 19-21 in Richmond at The Place at Innsbrook. This in-depth 2.5 day session will immerse newer BSA/AML Staff in the foundations of the act as well as get them ready to be an integral part of the bank's BSA/AML program. Click the brochure for registration and program details.
