OCC Hosts Mutual Savings Association Advisory Committee Meeting July 23

The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee on Tuesday July 23, 2019, beginning at 8:30 a.m. Eastern Daylight Time. The meeting will be held at…

The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee on Tuesday July 23, 2019, beginning at 8:30 a.m. Eastern Daylight Time. The meeting will be held at the OCC, 400 7th Street SW, Washington, D.C.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-72.html?utm_source=RSS_feed&utm_medium=RSS

OCC Hosts Mutual Savings Association Advisory Committee Meeting July 23

The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee on Tuesday July 23, 2019, beginning at 8:30 a.m. Eastern Daylight Time. The meeting will be held at…

The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Mutual Savings Association Advisory Committee on Tuesday July 23, 2019, beginning at 8:30 a.m. Eastern Daylight Time. The meeting will be held at the OCC, 400 7th Street SW, Washington, D.C.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-72.html

Economic expansion expected to continue through 2020, economists say

Economic expansion in the United States is expected to continue, even though downside risks are growing, according to the Economic Advisory Committee of the American Bankers Association.© Shutterstock The economy has been expanding for 10 years and has tied the longest post-war period of prosperity in U.S. history. The advisory committee – which is comprised […]

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Economic expansion in the United States is expected to continue, even though downside risks are growing, according to the Economic Advisory Committee of the American Bankers Association.

© Shutterstock

The economy has been expanding for 10 years and has tied the longest post-war period of prosperity in U.S. history. The advisory committee – which is comprised of 16 chief economists from major North American banks – expects economic growth to continue through 2020 at a rate near the committee’s two percent estimate of growth.

Household and business balance sheets, income growth, good credit availability, and a supportive financial environment are all positives for the U.S. economy.

“Households are in a good place right now, and they are a major stabilizing force for the economy,” Robert Dye, EAC chairman and chief economist at Comerica Bank, said. “Sustained consumer spending will keep the expansion on track.”

Monthly job growth is expected to remain solid at 160,000 this year and 130,000 next year. They expect the national unemployment rate to remain stable at 3.7 percent through 2020. Also, tight labor availability is projected to support higher wages as firms have to bid up to hire. Average hourly earnings growth will be about 3.2 percent through next year, they say.

However, the group sees slowing growth in business fixed investment and inventory accumulation, reflecting increased uncertainty. The escalation of trade disputes is already weighing on global and U.S. business confidence, the economists add.

“While the outlook is positive, there are some dark clouds on the horizon,” Dye said. “Concerns about an escalation of trade conflicts, a weakening global economy, and the potential for fiscal tightening could lead businesses to pull back on capital investment. While there is potential for trade tensions to recede in the months ahead, the uncertainty facing businesses is likely to persist.”

The odds of the economy falling into recession between now and the end of 2020 is 35 percent.

Inflation is running below the Federal Reserve’s objective of 2 percent this year before returning to this target in 2020. The economists anticipate that the Federal Reserve to lower interest rates by 25 basis points at the end of July with a further 25 basis point rate cut before the end of this year.

“The FOMC is achieving its goal of full employment, but with inflation running below target and downside risks to the economy growing, we expect the Fed will want to be more accommodative,” Dye said.

The committee expects rates on three-month Treasuries to drift down with the federal funds rate, from 2.1 percent at present to 2.0 percent at year-end and 1.9 percent a year later.

“The strength of the banking industry will continue to support growth in the U.S. economy,” Dye said.

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Read more / Original news source: https://financialregnews.com/economic-expansion-expected-to-continue-through-2020-economists-say/

Legislation addresses shell companies, illicit activity

Sens. Marco Rubio (R-FL), Ron Wyden (D-OR) and Sheldon Whitehouse (D-RI) recently reintroduced the Corporate Transparency Act, maintaining the measure would prevent individuals from using shell companies to engage in illicit activities like money laundering, sex trafficking, fraud, and terrorist financing.© Shutterstock The bill would require certain corporations and limited liability companies (LLCs) to disclose […]

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Sens. Marco Rubio (R-FL), Ron Wyden (D-OR) and Sheldon Whitehouse (D-RI) recently reintroduced the Corporate Transparency Act, maintaining the measure would prevent individuals from using shell companies to engage in illicit activities like money laundering, sex trafficking, fraud, and terrorist financing.

© Shutterstock

The bill would require certain corporations and limited liability companies (LLCs) to disclose their beneficial owners to the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) at formation by providing basic biographical information like name, date of birth, address and driver’s license or passport number.

“Law enforcement in my home state of Florida, including in Miami, know all too well that criminals readily use shell companies to remain anonymous and hide nefarious activity,” Rubio said. “I am proud to reintroduce this bill that targets criminals hiding behind shell companies to engage in illicit activities like human trafficking, healthcare fraud, transnational corruption, and terrorist financing.”

Rubio said it is imperative law enforcement has the basic information, tools, and authorities at its disposal to identify and disrupt criminal acts that put communities and national security at risk.

“Anonymous shell companies have facilitated rampant criminality, including real estate deals being used to launder illicit funds,” Wyden said. “Our bill would provide a straightforward solution by ending the anonymity and registering the owners of these companies on day one. Ending anonymous shell companies would make it easier for law enforcement to follow the money when investigating complex financial crimes.”

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Read more / Original news source: https://financialregnews.com/legislation-addresses-shell-companies-illicit-activity/

Federal Reserve releases results of Comprehensive Capital Analysis and Review (CCAR)

Federal Reserve releases results of Comprehensive Capital Analysis and Review (CCAR)

Federal Reserve releases results of Comprehensive Capital Analysis and Review (CCAR)

Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20190627a.htm

Federal Reserve Board announces approval of proposals by Texas Independent Bancshares, Inc. and Texas First Bank

Federal Reserve Board announces approval of proposals by Texas Independent Bancshares, Inc. and Texas First Bank

Federal Reserve Board announces approval of proposals by Texas Independent Bancshares, Inc. and Texas First Bank

Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/orders20190627a.htm

FSB chair updates G20 leaders on regulatory reforms, trends

The Financial Stability Board (FSB) Chair Randal Quarles updated G20 Leaders on the implementation of financial regulatory reforms and other vital issues. © Shutterstock Quarles highlighted several major themes for the G20 leaders ahead of their summit this week in Osaka, Japan. The FSB is closely monitoring new and emerging risks and vulnerabilities. For example, […]

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The Financial Stability Board (FSB) Chair Randal Quarles updated G20 Leaders on the implementation of financial regulatory reforms and other vital issues.

© Shutterstock

Quarles highlighted several major themes for the G20 leaders ahead of their summit this week in Osaka, Japan. The FSB is closely monitoring new and emerging risks and vulnerabilities. For example, corporate and public debt levels have continued to rise, so the FSB is examining leveraged loan and collateralized loan obligation markets to obtain a fuller picture of the pattern of exposures. They are also working to harness the benefits of financial innovation while containing risks. Technological innovation may transform financial institutions and markets, but the risks must be contained. One example is crypto-assets, which warrant scrutiny by authorities to ensure that that they are subject to high standards of regulation.

Quarles also pointed out that the new financial regulatory framework called for by the G20 is now largely in place. However, implementation is not complete and remains uneven across reform areas, so the continued support by G20 leaders in implementing them is needed. Quarles adds that an open and resilient financial system, grounded in agreed international standards, is crucial for sustainable growth. It is critical for FSB to be able to reach out beyond its membership to promote global financial stability.

The FSB, based in Basel, Switzerland, is tasked with coordinating at the international level the work of national financial authorities and international standard-setting bodies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions. The FSB is chaired by Quarles, who is vice chairman for supervision at the US Federal Reserve. The vice chair is Klaas Knot, president, De Nederlandsche Bank.

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Read more / Original news source: https://financialregnews.com/fsb-chair-updates-g20-leaders-on-regulatory-reforms-trends/

Bill targets unqualified tax preparers

Reps. Ron Estes (R-KS) and Terri Sewell (D-AL) introduced this week a bill designed to address unqualified tax preparers.© Shutterstock The measure protects taxpayers by allowing the IRS to remove such persons from preparing taxes. “This bipartisan legislation will protect taxpayers by ensuring the IRS can revoke the certification for unqualified tax preparers,” Estes said. […]

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Reps. Ron Estes (R-KS) and Terri Sewell (D-AL) introduced this week a bill designed to address unqualified tax preparers.

© Shutterstock

The measure protects taxpayers by allowing the IRS to remove such persons from preparing taxes.

“This bipartisan legislation will protect taxpayers by ensuring the IRS can revoke the certification for unqualified tax preparers,” Estes said. “As we work to simplify our tax code and support taxpayers, this is an important step to restore faith in tax preparers.”

Presently tax preparers must have a valid Preparer Tax Identification Number (PTIN), officials said, noting the legislation creates a process to allow the IRS to revoke a tax preparer’s PTIN based on negligence, fraud or abuse of the tax system.

“Approximately 60 percent of taxpayers use paid preparers to help them file their taxes, and the IRS receives more than 10,000 complaints about bad actors every year,” Sewell said. “This legislation will help crack down on disreputable tax preparers who often target and take advantage of the most vulnerable members of our communities.”

The bill stems from the IRS having little authority to prevent unqualified persons from becoming preparers or remove them once they have received a PTIN. Each year approximately 60 percent of taxpayers seek assistance from a tax preparer.

The IRS has identified nearly 20,000 registered preparers who are potentially non-compliant with their own tax filing and payment obligations.

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Read more / Original news source: https://financialregnews.com/bill-targets-unqualified-tax-preparers/

CFPB Extends Comment Period For ANPR on HMDA Data Points

The Consumer Financial Protection Bureau (Bureau) announced today that it is extending the comment period on its Advance Notice of Proposed Rulemaking (ANPR) relating to the Home Mortgage Disclosure Act (HMDA). 

The Consumer Financial Protection Bureau (Bureau) announced today that it is extending the comment period on its Advance Notice of Proposed Rulemaking (ANPR) relating to the Home Mortgage Disclosure Act (HMDA). 

Read more / Original news source: https://www.consumerfinance.gov/about-us/newsroom/bureau-extends-comment-period-anpr-hmda-data-points/

OCC Reports Improvement in Mortgage Performance

The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the first quarter of 2019.

The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the first quarter of 2019.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-71.html?utm_source=RSS_feed&utm_medium=RSS