￼￼‘.bank’ Launches into General Availability
More than 700 applications during sunrise period
WASHINGTON, D.C., – June 18, 2015 - ".bank” will launch into general availability on June 24 at 00:00:00 UTC for all eligible members of the global banking community. Managed by fTLD Registry Services, the private company owned, operated and governed by banks, insurance companies and their respective trade associations, “.bank”, is a new communications channel, fortified with enhanced security measures that exceed those of most existing and new gTLDs. During the initial sunrise registration period, there were more than 700 applications made for “.bank” domains.
Log On To Urge Your Senators to Support the Financial Regulatory Improvement Act of 2015
Senate Banking Committee Chairman Richard Shelby (R-AL) has proposed a broad regulatory relief measure that provides the proper balance of community bank regulatory relief while appropriately addressing several banking laws that can help the banking and regulatory system function properly. The Financial Regulatory Improvement Act of 2015 extends the examination cycle for well managed community banks; reduces the burden of unnecessary privacy notice paperwork; helps rural customers receive mortgages; provides a safe harbor for mortgages held in a bank’s portfolio; reduces unnecessary costs from the stress testing for community banks and establishes a process for federal regulators to evaluate institutions to determine whether to designate them as systemically important.
An ABA summary of the bill is available HERE.
ABA urges all bank employees to contact their Senators TODAY and ask them to support Senator Shelby’s Financial Regulatory Improvement Act of 2015. Contacting Congress is easy and fast. Click HERE for the ABA interactive letter writing assistance and talking points.
CFPB Announces Postponement of TILA-RESPA Effective Date
Consumer Financial Protection Bureau Director Richard Cordray announced today that the bureau is proposing to push back the effective date of the TILA-RESPA integrated disclosures by two months, from Aug. 1 to Oct. 1, in an effort to avoid closing headaches as the busy fall homebuying season kicks off. The CFPB will issue a proposed rule making the change shortly. Read the full statement here.
ABA and the state banking associations welcome the change to the effective date. The additional time will allow for the requested trial period of new compliant software and programs for lenders making eforts to comply in good faith.
NBA Litigation Monitoring
by David O'Mara
On September 18, 2014, the Nevada Supreme Court found in SFR Investment Pool 1 v. U.S. Bank that the Homeowner’s Association (“HOA”) lien statute, NRS 116.3116, provides an HOA with “a true superpriority lien,” and the proper foreclosure of such a lien will extinguish a first deed of trust. The Supreme Court’s decision has definitely negatively affected lenders in Nevada. However, the Supreme Court left many issues unresolved when it remanded the matter back to the district court and lenders continue to argue that the HOA lien statute is unconstitutional.
The Nevada Bankers Association continues to monitor litigation that would impact our member and we are aware of three actions that have resulted
Nevada's 78th Legisltive Session Wraps
Nevada Bankers Association expresses sincere appreciation for the work and leadership of the Nevada State Legislature. This year’s decisions will ensure that Nevada remains competitive by strategically investing in education and enhanced economic development structure.
The close of the 78th Nevada Legislative session, Sine Die, came Monday evening June 1, 2015 at midnight. Throughout the 120-day calendar, legislators heard hundreds of bills, amendments and countless hours of testimony.
NBA came out early in support of the Governors education initiatives. Our membership also recognized the need to fund the initiatives and testified consistently that bankers stand ready to pay their fair share of whatever tax our legislators and Governor determined would move forward.
Data Security: Visa Re- evaluates the Cost of Breach Response
Visa announced changes to the reimbursement rates it offers card issuers whose customers are affected by data breaches. The changes increase reimbursements by 140 percent for most banks. Read the full statement from Visa.
Data protection and cyber security are a top priority among bankers. Banks have the highest level of security among critical US industries, and all participants in the payments system must abide by a strong national standard for safeguarding customer data. ABA, ICBA and others advocated for changes and issued a joint statement for record to the Financial Services Committee of the United States House of Representatives.