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The Federal Accounting Standards Board said it plans to address concerns about  community bank accounting complications that have arisen following passage of the Tax Cuts and Jobs Act.
FASB indicated at its board meeting that it will soon issue an exposure draft on classifying deferred tax assets related to accumulated other comprehensive income. The draft will address amounts in AOCI that become trapped when a change in tax rate occurs.
ICBA is concerned about the financial statement impact of tax reform, particularly for banks whose fourth-quarter reported earnings will be significantly affected by the law. In its letter to FASB and federal banking regulators, ICBA asked them to ensure tax reform doesn't distort earnings and regulatory capital, unnecessarily harming community banks.
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Fannie Mae and Freddie Mac help level the mortgage-lending playing field  between community banks and the largest financial institutions, according to a new report from the Brookings Institution and Center for Responsible Lending.
The study found that nearly 27 percent of mortgages from rural banks and credit unions are sold to Fannie and Freddie-10 times more than Ginnie Mae.
The report argues that any housing-finance reforms must maintain features that are essential for community banks, such as the government-sponsored enterprises' cash window that allows lenders to sell individual loans and retain servicing.
With Congress resuming negotiations over housing-finance reform, community bankers continue working with lawmakers to preserve equal and direct access to the secondary market for community banks.
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The Winter issue of FDIC's Supervisory Insights, includes articles on credit Management Information Systems (MIS) and recent results from the FDIC's  Credit and Consumer Products/Services Survey.
"A key component of a bank's risk management program is a strong credit MIS, which uses loan data to develop timely and meaningful reporting for a bank's board and senior management. This article illustrates how banks can strengthen credit MIS by incorporating forward-looking risk indicators and establishing a sound governance framework," said Doreen R. Eberley, Director of the FDIC's Division of Risk Management Supervision.
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Ruling Keeps Mulvaney in Place at CFPB
Consumer Financial Protection Bureau Acting Director Mick Mulvaney will  continue to serve in that capacity as a federal judge today denied CFPB Deputy Director Leandra English's
request for an injunction
stating that she is the rightful acting director. Judge Timothy Kelly said that English was not likely to win on the merits of the case.
Mulvaney was appointed acting director under the Federal Vacancies Reform Act, which allows the president to name a currently serving Senate-confirmed official as acting director for a set period of time or until a permanent director is confirmed. Named deputy director shortly before
Richard Cordray's resignation in November
, English sued Mulvaney and Trump on the theory that the Dodd-Frank Act makes her the bureau's acting director during a vacancy.
In denying the request for an injunction, Kelly found that the Dodd-Frank language did not override the president's powers under the FVRA and thus that English's claim was not likely to be granted. The ruling leaves in place the status quo, with Mulvaney - also serving as director of the Office of Management and Budget - working three days a week at the CFPB.
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Credit Unions outline bold new advocacy agenda
CUNA's new and bold advocacy goal for 2018 is to revolutionize the operating  environment for credit unions. This agenda has four main points: reduce regulatory burden, expand and protect credit union powers, enhance payment security and preserve the credit union tax status.
CUNA seeks to achieve this goal by:
Reducing regulatory burden so that credit union members have access to more efficient and affordable financial services from credit unions.
Expanding and protecting credit union powers so consumers and small businesses can more easily access the credit union services they need and demand.
Enhancing payment security to reduce the impact that merchant data breaches have on credit unions and their members.
Preserving the credit union tax status so that credit union members continue to enjoy not-for-profit cooperative financial services. CUNA expects an effort to enact technical corrections of last year's tax reform bill which could put the credit union tax status at risk, and CUNA, leagues and credit unions will work to ensure no such provisions are signed into law.
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ICBA's Fine: Don't Let a Credit Union Regulator Run the CFPB
National Credit Union Administration Chairman J. Mark McWatters would not  be a wise choice to head the Consumer Financial Protection Bureau, ICBA President and CEO Cam Fine wrote in a new op-ed.
Responding to reports that the McWatters is on President Donald Trump's shortlist of potential nominees, Fine noted in American Banker that the credit union industry is not fully subject to the entire arsenal of financial regulation.
Further, the NCUA's willingness to flout Congress in its rulemakings makes its chairman suspect for leading the CFPB given concerns that the bureau lacks sufficient checks on its regulatory authority.
"Let's choose a leader not with a track record of cheerleading for the industry he is charged with overseeing and regulating, but rather a commitment to the laws by which our agencies are established by Congress," Fine wrote.
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