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Streamlining Banking Processes

first_img in Daily Dose, Featured, Government, News Demand Propels Home Prices Upward 2 days ago Related Articles Tagged with: Banks Financial Services Committee FSOC House of Representatives Lending nonbanks SIFI Stress Test April 12, 2018 1,659 Views Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Home / Daily Dose / Streamlining Banking Processes The House of Representatives recently passed two bipartisan bills that are aimed at streamlining processes for financial institutions across the country. While H.R. 4293, the Stress Test Improvement Act of 2017, looks to improve the efficiencies of the current stress test requirements for banks, H.R. 4061, The Financial Stability Oversight Council (FSOC) Improvement Act of 2017 looks at reforms for the designation process for nonbanks.Both the bills will now head to the Senate for a vote. “At the end of the day, it’s not really the banks that are the subject of these regulations. At the end of the day, it’s their customers,” said Financial Services Committee Chairman, Senator Jeb Hensarling of Texas. “What the Financial Services Committee and this House have to do is ensure that there is affordable and available credit to help fund people’s American dreams. That’s what these important bipartisan bills will help achieve.”The FSOC Improvement Act, which was passed by a vote of 297-121, aims to reform the FSOC designation process to enhance the transparency and procedural fairness of the nonbank systemically important financial institutions (SIFI) designation process. According to this bill, while the FSOC will retain the power to make a determination regarding any nonbank financial company, the bill would afford affected institutions a greater opportunity to be heard by the functional regulator and modify its business, structure, or operations prior to the designation.“Today’s vote on H.R. 4061 is a critical step toward providing the FSOC with additional ways to address potential risks to the financial system, while also making the systemically important financial institution (SIFI) process more accountable and transparent,” said Paul Schott Stevens, President and CEO of Investment Company Institute (ICI). “This legislation would enhance the FSOC’s ability to reduce systemic risk and ensure that nonbank SIFI designations are reserved for limited cases when identified risks to financial stability cannot be addressed more effectively by an entity’s primary regulator or action by the entity itself.”The Stress Test Improvement Act, which was passed by a vote of 245-174, would streamline the current regime for stress testing banks and make the company-run stress test an annual exercise. It would reduce the number of supervisory scenarios from three to two and allow institutions to determine if they have sufficient capital to absorb losses and support the operations during the harshest economic conditions.This bill would also limit the ability of the Federal Reserve to object to a company’s capital plan based solely on qualitative deficiencies.“Stress tests are an important regulatory tool that have much improved the safety of our financial system,” said Senator Maxine Waters of California while opposing the passage of the bill. “When we crafted Dodd-Frank, we mandated these stress tests and put in place other enhanced prudential guardrails for large banks to not only prevent damage to our economy but also help grow our economy. And they are working. But H.R. 4293 weakens the rigor and frequency of those stress tests, a move that simply makes no sense.”  Print This Post The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago About Author: Radhika Ojhacenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago Streamlining Banking Processes Servicers Navigate the Post-Pandemic World 2 days ago Previous: HUD & DOJ Partner Against Sexual Harassment in Housing Next: Rising Rates, Squeezed Supply Have Housing Industry’s Attention Banks Financial Services Committee FSOC House of Representatives Lending nonbanks SIFI Stress Test 2018-04-12 Radhika Ojha Subscribelast_img read more


May 31, 2021 0

FOM comments: Don’t wait for Feb. 8

first_img 2SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr NAFCU Director of Regulatory Affairs Alicia Nealon is urging credit unions to send NCUA their field-of-membership comment letters before the Feb. 8 due date. In a NAFCU’s Compliance Blog post today, she details the resources available to assist that effort.NAFCU has talking points available to credit unions to help them put their comment letters together. It has also drafted individual letter templates for comments on the types of charters affected. There are also multiple posts on the NAFCU Compliance Blog detailing these (community, multiple-common bond and TIP charters).“NAFCU believes NCUA’s proposal will help many credit unions reach more potential members who want and need affordable financial services, and I encourage you to write a comment letter to NCUA explaining how the proposal will provide much-needed relief to your credit union and membership,” Nealon writes.The bankers continue their campaign against NCUA’s proposal. American Banker on Wednesday detailed the bankers’ claims about the proposal along with NAFCU’s input. “NAFCU members believe that the federal credit union charter must keep pace with changes in state laws, technology, and the progressiveness of the financial services industry,” NAFCU President and CEO Dan Berger told House and Senate leaders last week in a letter that was also quoted by American Banker. continue reading »last_img read more


December 18, 2020 0