Majority Leader McConnell and Senators Heller and Manchin sent the below letter to CFPB Director Cordray outlining their concerns about the CFPB’s definition of ‘rural’ Qualified Mortgages.
Dear Director Cordray:
We are writing in regards to the Consumer Financial Protection Bureau’s (CFPB’s) definition of rural as it pertains to Qualified Mortgages under the Ability-to-Repay and other mortgage rules. As Members of Congress who represent rural areas, we have heard from our constituents about their concerns regarding the definition of rural and the process the CFPB has used to determine it.
2 GOP leaders to propose hybrid tax plan
"More Nevada companies would be subject to a payroll tax, and an annual business license fee would increase for most industries in a “hybrid tax plan” two GOP leaders will introduce Monday in the Legislature, according to a Republican familiar with a draft."
Why Leave Financial Literacy to Luck?
People are accustomed to seeing a lot of green on St. Patrick’s Day. This year, Nevada legislators will be talking about a different kind of green; money. SB 220 will be heard on the Senate Floor at 3:30 on Tuesday March 17, 2015.
SB 220 seeks to expand financial literacy training in Nevada classrooms. Drafted by two youth legislators, Evan Gong and Kyle Walker, the bill has gained support from multiple Senators, agencies and associations. If passed financial literacy would be moved from social studies to math and require age appropriate curriculum be taught in grades 6-12. Their own experience and that of their fellow students with the current provided teaching inspired Gong and Walker. Their research included a report out of UNR, which guided the requests incorporated into the bill. It addresses modern-day financial concerns such understanding interest rates and loans, including student loans as well as managing credit and preventing identity theft.
USAA Rolling Out Biometric Logon to Accounts in Q1
Becomes first U.S. financial institution to help protect member security through facial and voice recognition on a mobile app
SAN ANTONIO, Texas, - USAA members residing in the states will soon be able to log into their accounts through mobile devices using biometric recognition. This will make USAA the first U.S. financial institution to offer facial and voice recognition on a mobile app as added protection against fraud and identity theft. USAA members are expected to have access to biometric logon capabilities in early 2015.
Senators Heller, Stabenow Introduce Legislation to Eliminate Unfair Tax Bills
Bipartisan Legislation Will Ensure Mortgage Forgiveness Is Not Taxed as Income
WASHINGTON, DC – U.S. Senators Dean Heller (R-NV) and Debbie Stabenow (D-MI) introduced bipartisan legislation to ensure, when homeowners work with their banks to reduce their mortgage payments, those homeowners will not be hit with a huge tax bill. Without this legislation, homeowners will be required to pay additional taxes when they receive mortgage principal forgiveness on their homes or sell their homes in what are commonly called “short sales.”
Nevada Bankers Association Member Arvind Menon, Meadows Bank, added to FDIC Advisory Committee on Community Banking
FDIC Announces New Members for the Advisory Committee on Community Banking
February 11, 2015
The Federal Deposit Insurance Corporation (FDIC) today announced the selection of seven new members for its Advisory Committee on Community Banking, which has been providing advice and recommendations to the FDIC on a broad range of community bank policy and regulatory matters since it was established in 2009. The Advisory Committee members represent a cross-section of community bankers from around the country.
"We are fortunate to have such talented and dedicated community bank leaders join our Advisory Committee, which has been a valuable resource for the FDIC over the last few years," said FDIC Chairman Martin Gruenberg. "The Advisory Committee has proven to be an important source of information and input for the FDIC on the many significant issues facing community banks."