House advances eight financial services bills

The U.S. House of Representatives advanced eight bills from the Financial Services Committee this week, including a bill that provides greater Congressional oversight on international insurance standard negotiations.© Shutterstock The International Insurance Standards Act of 2017 (H.R. 4537), sponsored by Rep. Sean Duffy (R-WI), preserves the state-based system of insurance regulation while ensuring Congressional oversight […]

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The U.S. House of Representatives advanced eight bills from the Financial Services Committee this week, including a bill that provides greater Congressional oversight on international insurance standard negotiations.

© Shutterstock

The International Insurance Standards Act of 2017 (H.R. 4537), sponsored by Rep. Sean Duffy (R-WI), preserves the state-based system of insurance regulation while ensuring Congressional oversight on international insurance standard negotiations.

Another bill introduced by Duffy, the Housing Choice Voucher Mobility Demonstration Act of 2018 (H.R. 5793), encourages families receiving housing choice voucher assistance to move to lower-poverty areas and expand access to opportunity areas.

“I’m pleased to see these important Financial Services Committee measures pass the House today and applaud the hard work of their sponsors. These bills are vital in achieving the committee’s goal of alleviating burdensome regulations on our nation’s capital markets to help Main Street businesses expand, create jobs, and spark innovation. They also focus on improving access to affordable financial services and products for people and families by expanding housing options for those in lower-poverty areas,” Financial Services Committee Chairman Jeb Hensarling (R-TX) said.

The House also advanced the Larry Doby Congressional Gold Medal Act (H.R. 1861), sponsored by Rep. James Renacci (R-OH), which presents a Congressional Gold Medal in honor of Larry Doby, the first black player in the American League. It is in recognition of his achievements and contributions to baseball, civil rights, and the Armed Forces during World War II.

The Options Markets Stability Act (H.R. 5749), sponsored by Rep. Randy Hultgren (R-IL), requires regulators to implement a risk-adjusted approach to value certain derivatives to reflect exposure better and promote market-making activity.

The Main Street Growth Act (H.R. 5877), sponsored by Rep. Tom Emmer (R-MN), allows for venture exchanges at venues that are tailored to the needs of small and emerging growth companies.

Additionally, the Building Up Independent Lives and Dreams (BUILD) Act (H.R. 5953), introduced by Rep. Barry Loudermilk (R-GA), allows certain charitable mortgage loan transactions to qualify for the use of the truth in lending (TIL), good faith estimate (GFE), and HUD-1 forms.

The Modernizing Disclosures for Investors Act (H.R. 5970), sponsored by Rep. Ann Wagner (R-MO), requires the Securities and Exchange Commission to do a cost-benefit analysis of emerging growth companies’ use of SEC Form 10-Q. The SEC must also make recommendations for decreasing costs, increasing transparency, and increasing efficiency of quarterly financial reporting by emerging growth companies.

Finally, the Improving Investment Research for Small and Emerging Issuers Act (H.R. 6139), introduced by Rep. Bill Huizenga (R-MI), requires the SEC to evaluate the issues affecting the reliance upon investment research into small issuers.

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Read more / Original news source: https://financialregnews.com/house-advances-eight-financial-services-bills/

KPMG, SAS to aid accounting standard transition

KPMG LLP and SAS, a leader in analytics, recently announced a partnership to help banks transition to a new accounting standard expected to drastically change how financial institutions estimate, reserve and report on losses.© Shutterstock The two firms said current expected credit loss (CECL) was introduced by the Financial Accounting Standards Board (FASB) as the […]

The post KPMG, SAS to aid accounting standard transition appeared first on Financial Regulation News.

KPMG LLP and SAS, a leader in analytics, recently announced a partnership to help banks transition to a new accounting standard expected to drastically change how financial institutions estimate, reserve and report on losses.

© Shutterstock

The two firms said current expected credit loss (CECL) was introduced by the Financial Accounting Standards Board (FASB) as the new benchmark recognition and measurement of credit losses for loans and debt securities.

The revision is part of an effort to ensure better loss coverage while noting the standards take effect in stages beginning January 2020.

“These changes are significant in how banks manage risk and financial data, build their analytic platforms and share information between departments,” Troy Haines, senior vice president and head of the risk management division at SAS, said. “By aligning with KPMG in the United States, we are helping customers improve business performance and turn risk and compliance requirements into opportunities.”

KPMG officials said the alliance delivers industry-leading services and technology to help banks navigate the new guidelines.

“It will provide CECL and IFRS 9 offerings that combine the capabilities and resources of two market-leading providers: KPMG with enablement services including in-depth accounting, finance, tax, modeling and risk specialization, and SAS with the dedicated expected credit loss software platform,” Ed Bayer, Risk Analytics Advisory managing director at KPMG, said.

The post KPMG, SAS to aid accounting standard transition appeared first on Financial Regulation News.

Read more / Original news source: https://financialregnews.com/kpmg-sas-aid-accounting-standard-transition/

Federal Reserve Board issues enforcement action with United Bank Limited and former employee of Hinsdale Bank & Trust and announces termination of enforcement action with United Bank Limited

Federal Reserve Board issues enforcement action with United Bank Limited and former employee of Hinsdale Bank & Trust and announces termination of enforcement action with United Bank Limited

Federal Reserve Board issues enforcement action with United Bank Limited and former employee of Hinsdale Bank & Trust and announces termination of enforcement action with United Bank Limited

Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/enforcement20180712a.htm

Bureau joins task force on market integrity and consumer fraud

Scammers are constantly finding new ways to steal money
from their victims, and anyone can potentially be a target. The Bureau has
online resources to help consumers prevent, recognize, and report scams and
fraud.

Scammers are constantly finding new ways to steal money from their victims, and anyone can potentially be a target. The Bureau has online resources to help consumers prevent, recognize, and report scams and fraud.

Read more / Original news source: https://www.consumerfinance.gov/about-us/blog/bureau-joins-task-force-market-integrity-consumer-fraud/

OCC Hosts Risk Governance and Credit Risk Workshops in St. Louis

The Office of the Comptroller of the Currency (OCC) will host two workshops at the Magnolia Hotel St. Louis in St. Louis, Mo., August 21-22, for directors of national community banks and federal savings associations supervised by the OCC.

The Office of the Comptroller of the Currency (OCC) will host two workshops at the Magnolia Hotel St. Louis in St. Louis, Mo., August 21-22, for directors of national community banks and federal savings associations supervised by the OCC.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-72.html

OCC’s Minority Depository Institutions Advisory Committee Charter Renewed

The Office of the Comptroller of the Currency (OCC) has renewed the charter of its Minority Depository Institutions Advisory Committee (MDIAC), which advises the agency on issues and opportunities facing minority depository institutions.

The Office of the Comptroller of the Currency (OCC) has renewed the charter of its Minority Depository Institutions Advisory Committee (MDIAC), which advises the agency on issues and opportunities facing minority depository institutions.

Read more / Original news source: https://www.occ.gov/news-issuances/news-releases/2018/nr-occ-2018-71.html

Federal Reserve Board announces approval of application by Lloyds Bank Corporate Markets plc

Federal Reserve Board announces approval of application by Lloyds Bank Corporate Markets plc

Federal Reserve Board announces approval of application by Lloyds Bank Corporate Markets plc

Read more / Original news source: https://www.federalreserve.gov/newsevents/pressreleases/orders20180709a.htm