Lawmakers that thought they hadnt seen the last of onerous provisions in the Houses anti-redlining insurance legislation defeated in July got a cold dose of the expected when the Senate rolled out a bill with nearly identical provisions. Senate Banking Committee Chairman Sen. Donald W. Riegle, D- Mich., introduced the Homeowners Insurance Disclosure Act, S. 2402, Aug. 18, a bill that aims to prevent discrimination based on the geographical location in homeowners insurance by imposing Home Mortgage Disclosure Act- type disclosures on insurance companies. Similar to legislation introduced in the House by Rep. Joseph Kennedy, D-Mass., the Riegle bill requires disclosure of the type, cost and location of policies by census tract in 100 urban areas and by five-digit zip code in 25 rural locations across the nation, as well as disclosures of loss data to help determine whether differences in premium costs are due to actual losses or ethnic stereotypes. Kennedys bill, which was passed over for a less onerous version offered by Rep. Cardiss Collins, D-Ill., and also called the census tract disclosure approach, but for a more expansive 150 metropolitan statistical areas rather than the 100 offered by Riegle. The Cardiss plan, H.R. 1188, called for census tract disclosures as well, but in just 25 MSAs. Other disclosures, including race and gender and total rejected applicants are also required. When the Cardiss bill was approved by the House, it was viewed as a victory for insurance lobbyists. But the Senate plan is likely to force the insurance industry into a compromise, said a staffer in the Senate Banking Committee.
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The San Antonio-based bank said that loan growth, fueled in part by its expansion in key Texas markets, may compensate for pressure on deposits. It slashed the number of rate cuts it expects this year from five to two.
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Mississippi's Renasant names its next CEO; environmental fintech Aspiration Partners spins out its consumer brand; the OCC adds five weeks to comment period for Capital One-Discover merger; and more in the weekly banking news roundup.
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The Wisconsin banking company forecasted loan growth of 4% to 6% for the full year, driven by an expansion into new commercial and consumer credit lines as well as enduring economic strength in the Midwest.
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In the inaugural iteration of American Banker's news quiz, test your knowledge on top articles covering the legal battles of the Consumer Financial Protection Bureau, new technology testing at JPMorgan Chase, earnings season and more.
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To build their executive presence in meetings and on video calls, junior employees should embrace flexible schedules — and possibly media training, Michelle Young of Worldpay and Anna Greenwald of MoneyGram International said at American Banker's Payments Forum.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
April 25