Celebrate Dodd-Frank Turning 5 by Asking Congress to Fix It
Tuesday, July 21, marks the fifth anniversary of the Dodd-Frank Act—a sweeping overhaul of financial regulation. Five years in, we’re at a good point to turn and evaluate how the law is working so far.
No law passed by Congress is perfect, and the evidence is clear the Dodd-Frank requires some tweaking to make it work better. As a result of Dodd-Frank’s mortgage rules, many community banks are getting out of the home loan business altogether or drastically cutting back—often in the rural and underserved areas that most need credit.
French named Small Business Stratgey Consultant & Wells Fargo At WorkSM Leader
Sean French has been named Small Business Strategy Consultant and Wells Fargo At WorkSM leader for the Western Mountain Region. In his new role, French will be a member of the Western Mountain Leadership Team and will be responsible for strategy development, implementation, and leadership to drive the Small Business and Wells Fargo at Work plans and initiatives across Alaska, Washington, Idaho, Utah, Nevada and Arizona. His appointment has been announced by Western Mountain Regional Bank Executive Gerrit van Huisstede.
“Sean has done an outstanding job as Northern Nevada area president over the past 12 years,” said van Huisstede. “He is passionate
about being his best, working collaboratively with all lines of businesses, and putting our customers at the center of everything he does. I am confident our Western Mountain small business efforts and Wells Fargo at Work initiatives will continue to thrive under his strategic leadership.”
Alan Rabkin, General Counsel and SVP at Heritage Bank of Nevada discusses the passage of AB 130 (Probate modernization) and AB 195 (Commerical Anti-deficiency fix) Read here.
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.
￼￼‘.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.
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.