American Bankers Association

News & Analysis as of

CFPB continues to solicit comments on proposed debt collection survey

The CFPB published a notice in the Federal Register today announcing that it will continue to take comments until August 22, 2014 on its plans to seek approval from the Office of Management and Budget “to conduct a mail...more

Holder Vows To Continue Operation Choke Point; House Considers Bill To Stop It

Depending on whom you ask, Operation Choke Point has a promising future ahead of it – or will soon be history. The controversial initiative by the Department of Justice (DOJ) is intended to limit certain lenders and...more

An Interview with Robert T. Braswell, President & CEO, Carolina Bank

Timothy R. Moore, Member, Spilman Thomas & Battle interviews Robert T. Braswell, President and Chief Executive Officer, Carolina Bank. Q: What is the most personally rewarding part of being a community...more

ABA and CBA Express Concern That The CFPB’s Consumer Debt Collection Survey Falls Short

On May 6, 2014, the American Bankers Association (“ABA”) and Consumer Bankers Association (“CBA”) submitted comments to the CFPB’s “Debt Collection Survey from the Consumer Credit Panel” (the “Survey”). While the ABA and CBA...more

Comptroller Curry Discusses OCC’s Higher Expectations for Large Banks and the Members of Their Boards; States Community Banks Will...

On April 10, 2014, Comptroller of the Currency Thomas J. Curry presented remarks concerning risk management and related corporate governance issues before the American Bankers Association Risk Management Forum. Comptroller...more

House passes CFPB reform bill

The CFPB continues to be a target of House Republicans, with the House passing a bill last week that would make structural and other changes to the CFPB. H.R. 3193, which passed by a 232-182 vote, incorporates five CFPB...more

“Interim Final” Volcker Rule Approved

On December 10, 2013, the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Securities Exchange...more

Agencies Retreat on TruPS CDOs

Following the filing of a lawsuit by the American Bankers Association (ABA) and others, on January 14, five federal agencies approved an interim final rule to permit banking entities to retain interests in certain...more

Volcker Rule Agencies Issue Interim Final Rule Exempting TruPS-backed CDOs

Last week, the five agencies that jointly issued the final regulation implementing the Volcker Rule (the Final Rule) in December issued an interim final rule (the Interim Rule) that exempts collateralized debt obligations...more

Agencies Appear to Signal Retreat on CDO TruPS Issue

In the wake of the American Bankers Association’s lawsuit challenging the Volcker Rule’s treatment of collateralized debt obligations (CDOs) backed by trust preferred securities (TruPS), the Office of the Comptroller of the...more

Director Cordray focuses on mortgage rules in remarks to American Bankers Association

A substantial portion of Director Cordray’s remarks yesterday at the American Bankers Association’s Annual Convention in New Orleans was directed at justifying the Bureau’s decision not to delay the January 2014 effective...more

Mount Holly case draws numerous amicus briefs supporting Township’s position

Thirteen amicus briefs have been filed in Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc., the case pending in the U.S. Supreme Court in which the question presented is whether disparate impact claims...more

Many Banks Not Ready For New CFPB Mortgage Rules

In a letter to various regulators, the American Bankers Association noted survey data which highlights practical challenges associated with fully complying with all of the CFPB’s requirements for new mortgage-related rules...more

ABA opposes CFPB generic information collection clearance

Earlier this month, we reported that the CFPB had proposed a new generic information collection clearance titled “Generic Clearance for Consumer Complaint and Information Collection System (Testing and Feedback).”...more

Banking industry trade groups oppose expansion of Military Loan Act coverage

Six banking industry trade groups, including the American Bankers Association, the Consumer Bankers Association and the Financial Services Roundtable, have sent a comment letter responding to a Department of Defense (DOD)...more

ABA and MBA ask CFPB to reconsider coverage of business credit in ECOA appraisal rule

The American Bankers Association and the Mortgage Bankers Association have sent a letter to the CFPB asking it to reconsider the applicability of the final Equal Credit Opportunity Act (ECOA) appraisal rule to business...more

CFPB proposes new information collections

The CFPB has proposed a new generic information collection clearance for its consumer complaint system and a new information collection related to its financial literacy initiatives....more

Dechert and American Bankers Association Release Strategic Guide to the Ability-to-Repay/Qualified Mortgage Rules; Dechert Follows...

Below is a link to A Strategic Guide to the ATR/QM Rules (Guide), Dechert LLP’s analysis for the American Bankers Association (ABA) of the Ability-to-Repay (ATR) and Qualified Mortgage (QM) rules adopted by the Consumer...more

ABA Endorses Bill to Mandate Examination Fairness

American Bankers Association President and CEO Frank Keating expressed bankers’ strong support for the House and Senate exam fairness bills — H.R. 1553 and S. 727 – that were reintroduced on April 15....more

Bill Introduced to Require Study on Basel III

On April 18, Sen. Joe Manchin (D-WV) and Sen. Dean Heller (R-NV) introduced American Bankers Association-supported legislation (S. 731) addressing the issuance of final rules based on the third banking supervision accords...more

Steve Antonakes, Acting Deputy Director of the CFPB, Addresses Bankers

On April 17, Steve Antonakes, Acting Deputy Director of the Consumer Financial Protection Bureau (CFPB), addressed the American Bankers Association meeting in Washington, D.C...more

ABA seeks broad CFPB preemption ruling

In August, the CFPB issued a notice seeking public comment on its plans to determine whether certain provisions of Maine and Tennessee laws relating to unclaimed gift cards are preempted by federal law on gift card expiration...more

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