A key House Financial Services Subcommittee will hold hearings this week into the Comptroller of the Currency's controversial new rules preempting state predatory lending and other consumer protection laws, which are being challenged in court by the New York attorney general. "I am disappointed in the manner in which these rules were finalized," said Rep. Sue Kelly (R-N.Y.), chair of the Financial Services Subcommittee on Oversight and Investigations, in announcing the hearings. The new rules, issued Jan. 7, identified the type of state laws preempted for nationally chartered banks, citing them as impediments to the powers granted to them by federal law. The long-running battle between state and federal regulators is mirrored by one often fought among credit union regulators, with NCUA offering the preemptive shield of the FCU Act in recent years for new state laws in California, North Carolina, Georgia, and the District of Columbia.
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By training a core payment card fraud-detection platform on more than 15 billion transactions, the card network is honing the accuracy of warnings sent to issuers about suspicious purchases.
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Rep. Andy Barr, R-Ky., is introducing a bill to establish an Office of Supervisory Appeals at each of the banking regulators and that would give banks more power over the appeals process.
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Capital Community Bank of Provo has purchased Security Home Mortgage, headquartered in nearby Orem.
May 6 -
The Minneapolis-based company has promoted Kedia to president, a role that CEO Andy Cecere and his predecessor both held before being named to the top job.
May 6 -
The Consumer Financial Protection Bureau's overdraft proposal would set fees at $14. With fee income under attack from many sides, bankers say they would have to further restrict credit.
May 6 -
In a surprise move, the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency and Federal Housing Finance Agency proposed a long-awaited rule to curb certain incentive-based pay arrangements for bank executives.
May 6