US Bank Regulatory News – Page 2 – News about Bank regulations in the USA

Federal Reserve issues FOMC statement

Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/monetary20190619a.htm

Federal Reserve Board and Federal Open Market Committee release economic projections from the June 18-19 FOMC meeting

Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/monetary20190619b.htm

OCC Partners with the District of Columbia to Launch Summer Internship for Washington Rising Seniors

Comptroller of the Currency Joseph M. Otting today joined Washington, D.C., Mayor Muriel E. Bowser to welcome 81 rising seniors from D.C. area high schools to the inaugural OCC High School Scholars Intern Program.

OCC Partners with the District of Columbia to Launch Summer Internship for Washington Rising Seniors

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-68.html

FSB issues report on compensation practices for banks

The Financial Stability Board (FSB) published a progress report on the principles and standards for sound compensation practices in financial institutions.© Shutterstock The report examined how compensation practices have evolved since the principles and standards were first published in 2009. The report confirmed that all FSB jurisdictions had implemented the principles and standards for sound […]

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The Financial Stability Board (FSB) published a progress report on the principles and standards for sound compensation practices in financial institutions.

The report examined how compensation practices have evolved since the principles and standards were first published in 2009.

The report confirmed that all FSB jurisdictions had implemented the principles and standards for sound compensation. Most banks have put in place practices and procedures to reduce the potential for inappropriate risk-taking, but further work is required to validate that practices and procedures operate effectively.

The report also found that boards appear more active and engaged with oversight of compensation processes. Further, compensation arrangements now have longer time horizons and include mechanisms that better align them with effective risk management practices.

The report said the challenge going forward is developing frameworks for assessing the effectiveness of compensation policies and practices in balancing risk and reward. Supervisors will need to ensure that compensation remains aligned with prudent risk-taking, and reflects risks and vulnerabilities as they emerge.

This is the FSB’s sixth progress report on the implementation of the principles and standards.

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Measure seeks to expand credit access

A bipartisan group of senators recently introduced a bill designed to expand credit access opportunities for Americans.© Shutterstock Sens. Angus King (I-Maine), Joe Manchin (D-WV), Tim Scott (R-SC), Doug Jones (D-AL), Mike Rounds (R-SD), Jon Tester (D-MT) and Tom Cotton (R-AR) said the Credit Access and Inclusion Act of 2019 addresses circumstances in which Americans […]

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A bipartisan group of senators recently introduced a bill designed to expand credit access opportunities for Americans.

Sens. Angus King (I-Maine), Joe Manchin (D-WV), Tim Scott (R-SC), Doug Jones (D-AL), Mike Rounds (R-SD), Jon Tester (D-MT) and Tom Cotton (R-AR) said the Credit Access and Inclusion Act of 2019 addresses circumstances in which Americans
do not have a history of traditional loan payments, such as student loans, mortgages, and car loans.

“Oftentimes, Americans who struggle with access to credit are able to pay their bills – but the recurring bills they pay are not included in the credit rating process,” King said. “Maine people who pay their phone and utility bills on time every month should be able to point to these bills as an example of credit because these are the major expenses they incur every month. This bill is about giving people the chance to establish themselves and open up new avenues to success – it doesn’t get more common sense than that.”

In April, King wrote a letter challenging the IRS to refocus its limited resources away from disproportionately auditing lower-income households who utilize the Earned Income Tax Credit (EITC) and co-sponsored the Working Families Tax Relief Act, which expands the EITC and Childcare Tax Credit (CTC).

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Read more / Original news source: https://financialregnews.com/measure-seeks-to-expand-credit-access/

OCC Reports First Quarter 2019 Bank Trading Revenue

The Office of the Comptroller of the Currency (OCC) reported trading revenue of U.S. commercial banks and federal savings associations of $10 billion in the first quarter 2019, which was $5.9 billion, or 141 percent, more than the previous quarter.

OCC Reports First Quarter 2019 Bank Trading Revenue

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2019/nr-occ-2019-67.html

House advances IRS reform bill

The U.S. House of Representatives advanced last week the Taxpayer First Act, which proposes several changes to the Internal Revenue Service.© Shutterstock The bill would establish an independent office of appeals within the IRS and require the IRS to redesign the structure of the agency to improve efficiency, modernize technology systems, enhance cybersecurity, and better […]

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The U.S. House of Representatives advanced last week the Taxpayer First Act, which proposes several changes to the Internal Revenue Service.

The bill would establish an independent office of appeals within the IRS and require the IRS to redesign the structure of the agency to improve efficiency, modernize technology systems, enhance cybersecurity, and better meet taxpayer needs.

The bill was introduced by Senate Finance Committee Chairman Chuck Grassley (R-IA) and Ranking Member Ron Wyden (D-OR).

“This bipartisan, bicameral bill represents years of hard work and consensus building. It’s a big first step toward strengthening taxpayer protections and turning the IRS into the customer service organization it ought to be,” Grassley said. “I look forward to President Trump signing it into law so the IRS can begin implementing long-overdue reforms that will put taxpayers first.”

The legislation also includes several provisions to protect taxpayers from tax ID theft and improve taxpayer interaction with the IRS should they become a victim of this crime. It expands to all taxpayers an IRS program that currently only allows victims of tax ID theft to obtain a personalized PIN that better secures their identity. Further, it improves the IRS whistleblower program by authorizing the IRS to communicate with whistleblowers during the processing of their claims, while also protecting taxpayer privacy and extending anti-retaliation provisions to IRS whistleblowers. It also modifies the private debt collection program to ensure lower-income Americans are not targeted.

The bill already advanced through the Senate and now goes to President Donald Trump to be signed into law.

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Read more / Original news source: https://financialregnews.com/house-advances-irs-reform-bill/

Bill targets corporate board diversity

Rep. Carolyn B. Maloney (D-NY), chair of the House Committee on Financial Services Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, introduced legislation designed to ensure investors and the public have information regarding the gender, racial, and ethnic diversity of corporate boards.© Shutterstock The Diversity in Corporate Leadership Act of 2019 requires public companies to […]

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The Diversity in Corporate Leadership Act of 2019 requires public companies to disclose the gender, racial, and ethnic composition of their boards of directors every year in their proxy statements sent to shareholders and investors.

“I strongly believe that by requiring companies to take a real look at the gender, racial and ethnic makeup of their boards, we will create incentives and inspire change so that these boards better resemble the American public at large,” Maloney said. “By disclosing this information to investors, we are also empowering shareholders to support companies that embody their ideals and pull investment from those that don’t.”

Maloney said increased diversity also makes financial sense in addition to making moral and common sense.

“Studies have repeatedly found that companies with more diverse leadership are better positioned to succeed,” she said. “Why wouldn’t companies want to show off that they’re making smart financial decisions by moving towards more diversity and equality on their boards?”

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Read more / Original news source: https://financialregnews.com/bill-targets-corporate-board-diversity/