FDIC and Federal Reserve request information on use and impact of CAMELS ratings
Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20191018a.htm
The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.
Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-121.html
Legislation recently introduced in the U.S. House of Representatives seeks to require regulatory agencies to develop a framework to better calculate risk in the options markets.© Shutterstock The bill – the Options Market Stability Act of 2019 (H.R. 4233) – is designed to reduce the impacts of market volatility on everyday investors. “Recent options volatility […]
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Legislation recently introduced in the U.S. House of Representatives seeks to require regulatory agencies to develop a framework to better calculate risk in the options markets.
The bill – the Options Market Stability Act of 2019 (H.R. 4233) – is designed to reduce the impacts of market volatility on everyday investors.
“Recent options volatility has indicated the immediate need for adjustments to existing regulations over these markets. We cannot ask investors to stand by as government bureaucrats drag their feet to modernize outdated rules,” U.S. Rep. Lance Gooden (R-TX), who introduced the bill, said. “My legislation, the Options Market Stability Act of 2019, will require federal regulators to issue a final rule establishing a system to better calculate and account for risk in the options markets. The rules over our financial system must be accurate in their targeting and agile when change is needed.”
Rep. Patrick McHenry (R-N.C.), ranking member on the House Financial Services Committee, supports the legislation.
“Committee Republicans are committed to supporting everyday investors as they save for retirement, their child’s education, or a home for their family,” McHenry said. “I am glad to see Congressman Gooden take action to modernize the regulatory framework for calculating risk in the options markets, which will provide stability and protection for these folks. I appreciate his leadership on the Financial Services Committee and his work in Congress to build on the gains Republicans have achieved for the American people.”
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Read more / Original news source: https://financialregnews.com/house-bill-would-provide-framework-to-calculate-risk-in-the-options-markets/
A group of Republican senators recently urged colleagues to pass legislation they said is designed to expand retirement plan access for millions of Americans.© Shutterstock Sen. Tim Scott (R-SC) recently joined Sens. Susan Collins (R-ME), Joni Ernst (R-IA), Cory Gardner (R-CO) Rob Portman (R-OH), Martha McSally (R-AZ) and Thom Tillis (R-NC) in forwarding correspondence to […]
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A group of Republican senators recently urged colleagues to pass legislation they said is designed to expand retirement plan access for millions of Americans.
Sen. Tim Scott (R-SC) recently joined Sens. Susan Collins (R-ME), Joni Ernst (R-IA), Cory Gardner (R-CO) Rob Portman (R-OH), Martha McSally (R-AZ) and Thom Tillis (R-NC) in forwarding correspondence to Senate Majority Leader Mitch McConnell (R-KY) espousing the benefits of the Setting Every Community Up for Retirement Enhancement Act, or SECURE Act.
“This legislation would allow older workers and retirees to contribute more to their retirement accounts, increase 401(k) coverage to part-time employees, prevent as many as four million people in private-sector pension plans from losing future benefits, protect 1,400 religiously affiliated organizations whose access to their defined contribution retirement plans is in jeopardy, and do the right thing for Gold Star families,” the legislators wrote.
Bill proponents maintain the legislation would aid in addressing what they deemed the nation’s retirement crisis and help workers of all ages invest and save for their futures.
The measure gained House passage by a 417-3 margin, officials said, noting it would benefit not only the nation’s elderly but also Gold Star families, apprenticeship program participants, low-income scholarship recipients, and children of fallen first responders.
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Read more / Original news source: https://financialregnews.com/bill-targets-expansion-of-retirement-plan-access/
Federal Reserve Board releases results of survey of senior financial officers at banks about their strategies and practices for managing reserve balances
Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/other20191017a.htm
Federal Reserve Board issues enforcement action with former employee of Southern Bancorp Bank
Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/enforcement20191017a.htm
Federal financial regulatory agencies seek comment on proposed interagency policy statement on allowances for credit losses and proposed interagency guidance on credit risk review systems
Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/bcreg20191017a.htm
Four federal financial regulatory agencies today requested comment on a proposed Interagency Policy Statement on Allowances for Credit Losses. This proposed policy statement is intended to promote consistency in the interpretation and application of t…
Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-ia-2019-120.html
Mutual fund boards maintain strong governance practices to safeguard shareholders’ interests, according to a new report by the Independent Directors Council (IDC) and Investment Company Institute (ICI).© Shutterstock The report – called the Overview of Fund Governance Practices, 1994–2018 – revealed several key findings. For example, it found that independent directors make up three-quarters of […]
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Mutual fund boards maintain strong governance practices to safeguard shareholders’ interests, according to a new report by the Independent Directors Council (IDC) and Investment Company Institute (ICI).
The report – called the Overview of Fund Governance Practices, 1994–2018 – revealed several key findings. For example, it found that independent directors make up three-quarters of boards in 84 percent of fund complexes – that’s up from 46 percent in 1996. Further, 66 percent of fund complexes have an independent board chair even though there is no legal requirement to have one. Also, 91 percent of participating complexes have an independent director in board leadership.
Also, most fund complexes have mandatory retirement policies for board members with the average age of compulsory retirement set at 75. For complexes that put term limits on directors, the average limit is 16 years. Finally, the survey said that 54 percent of independent directors are represented by dedicated legal counsel, while 41 percent are represented by legal counsel that is different from the adviser’s counsel.
“Boards set a high standard for fund oversight by continuing to adopt strong governance practices even when they aren’t required by regulation,” Amy Lancellotta, managing director of IDC, said. “Our report details these practices and how they have evolved to continue to serve investors’ best interests.”
The report, conducted every two years, is based on research from fund complexes representing nearly 9,000 funds.
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Read more / Original news source: https://financialregnews.com/mutual-fund-boards-maintain-strong-governance-survey-says/
The House Committee on Education and Labor has introduced a measure designed to overhaul the higher education system by lowering the cost of college for students and families.© Shutterstock Lawmakers said the College Affordability Act would improve the quality of higher education through stronger accountability while expanding opportunities by providing students the support and flexibility […]
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The House Committee on Education and Labor has introduced a measure designed to overhaul the higher education system by lowering the cost of college for students and families.
Lawmakers said the College Affordability Act would improve the quality of higher education through stronger accountability while expanding opportunities by providing students the support and flexibility needed for success.
“The College Affordability Act immediately cuts the cost of college for students and families and provides relief for existing borrowers,” Rep. Bobby Scott (D-VA), committee chairman, said. “At the same time, it improves the quality of education by holding schools accountable for their students’ success and it meets students’ individual needs by expanding access to more flexible college options and stronger support – helping students graduate on time and move into the workforce.”
Provisions of the bill include the restoration of state and federal investments in public colleges and universities; making college affordable for low- and middle-income students by increasing Pell Grants value; and easing the burden of student loans by making existing student loans cheaper and easier to pay off.
“This bill takes a positive step on one of the most common-sense student loan reforms by recognizing the need for better federal loan disclosures,” Consumer Bankers Association President and CEO Richard Hunt said. “Borrowers deserve to know the true cost of federal student loans, and the Department of Education should bring federal loan disclosures, which currently mask the cost, in line with the pro-consumer standards required of private lenders.”
Hunt also noted, “the overall bill falls short when it comes to dealing with the cost of college, which has to begin with fundamental reforms to federal student loan programs. These virtually unlimited programs have fueled both skyrocketing tuitions and student debt burdens – and the bill remains silent on this fact.”
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Read more / Original news source: https://financialregnews.com/bill-seeks-to-lower-the-cost-of-higher-education/
