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The House Committee on Agriculture sent its Budget Views and Estimates Letter for Fiscal Year 2018 to the House Budget Committee.
In the letter, Committee members urged Budget Committee Chairman Diane Black to consider the estimated $104 billion in savings from the current farm bill, more than four times what had previously been pledged, and the fact that these savings are being achieved amidst a bleak, and worsening, economic outlook in farm country.
At the business meeting, House Agriculture Committee Chairman K. Michael Conaway stated, "We do not yet know what resources we will need to write an effective, new farm bill. But, what we do know is that our Committee has more than demonstrated our fiscal bona fides, and we have earned the budget flexibility that may be necessary to craft and enact into law the 2018 Farm Bill."
See letter....
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Bureau Report Outlines Accuracy and Other Issues That Bureau Supervision Has Taken Action to Address
The Consumer Financial Protection Bureau (CFPB) released a report detailing the problems in the credit reporting industry that the Bureau has uncovered and corrected through its oversight work. Since launching its supervision of the credit reporting market, the CFPB has identified significant issues with the quality of the credit information being provided by furnishers and maintained by credit reporting companies. The report outlines the actions that the CFPB has taken to address these ongoing problems such as fixing data accuracy at credit reporting companies, repairing the broken dispute process, and cleaning up information being reported.
"Since we began our oversight work, the CFPB has been uncovering and correcting problems in the consumer reporting industry," said CFPB Director Richard Cordray. "Because of our work, important improvements are being made. Much more work needs to be done but our corrective actions are leading to positive changes that are benefiting consumers all over the country."
Consumer reporting companies are businesses that track information about a consumer, including credit history, deposit account history, and other consumer transactions. Such companies, which include what are popularly called credit bureaus or credit reporting companies or agencies, play a key role in the consumer financial services marketplace and in the financial lives of consumers. For example, the reports sold by the three largest consumer reporting companies - Equifax, Experian, and TransUnion - are used in determining everything from consumer eligibility for credit to the rates consumers pay for credit. The consumer reporting companies receive their information from furnishers, including both banks and nonbanks. Inaccurate information can lead to inaccurate reports and consumer and market harm.
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Commercial banks and savings institutions insured by the FDIC
reported higher aggregate net income
in the fourth quarter of 2016, and community banks reported a 10.5 percent increase in net income. "Revenue and net income were higher, loan balances grew, asset quality improved, and the number of unprofitable banks and 'problem banks' continued to fall," FDIC Chairman Marty Gruenberg said. "Community banks also reported solid results for the quarter and year with strong net income, revenue, and loan growth.
"Nevertheless, the operating environment for banks remains challenging. Low interest rates for an extended period have led some institutions to reach for yield, which has increased their exposure to interest-rate risk, liquidity risk, and credit risk. Banks must manage risks prudently to ensure that industry growth is on a long-run, sustainable path."
The 5,461 insured institutions identified as community banks reported a $508 million increase in net income in the fourth quarter. Total loan and lease balances at community banks rose $22.4 billion during the quarter. During the past 12 months, loans and leases at community banks rose $115.7 billion (8.3 percent). Net operating revenue of $23 billion at community banks was $1.6 billion (7.6 percent) higher than in the fourth quarter of 2015.
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Agencies Hosting Webinar on New Call Report
Banker Webinar on Revisions to the Consolidated Reports of Condition and Income (Call Report)
The federal banking agencies will conduct a webinar for bankers TODAY, to discuss the new FFIEC 051 Call Report for eligible small institutions and changes to the existing FFIEC 031 and FFIEC 041 Call Reports. The new report and the updates are part of the Federal Financial Institutions Examination Council's (FFIEC) efforts to reduce data reporting and other burdens for small financial institutions.
The webinar will introduce the new FFIEC 051 Call Report, explain its content and how it differs from the existing FFIEC 041 Call Report, and describe the changes to the existing versions of the Call Report. These Call Report revisions are scheduled to take effect March 31, 2017, subject to approval by the U.S. Office of Management and Budget.
The new FFIEC 051 Call Report generally is applicable to institutions with domestic offices only and total assets of less than $1 billion.
All institutions are invited to participate in the webinar TODAY, March 8, 2017, from 2:00 p.m. to 3:30 p.m., Eastern Time.
The webinar will include a question-and-answer session. The agencies also encourage institutions to submit questions before the webinar by emailing
[email protected]
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Banks threatened with legal nightmare over website compliance issue
Lawyers are sharking financial institutions across America, threatening them with expensive lawsuits because their websites don't comply with the Americans With Disabilities Act. These are not empty threats
Hundreds of lawsuits have been filed alleging that individuals with disabilities are being denied access to a business's goods and services because of allegedly inaccessible websites. Website accessibility lawsuits have become big business for a number of plaintiffs' law firms.
And your financial institution could be next. Don't be surprised if a demand letter from an attorney representing someone who is blind or physically impaired shows up on your doorstep tomorrow.
The Americans with Disabilities Act spells out website accessibility standards. And this is federal law. A finding of non-compliance with this law can be very costly - something plaintiffs' lawyers know all too well. Banks could wind up spending tens of thousands on compensatory damages, complainant's attorneys' fees, plus their own legal fees.
Learn more....
See Guidance for Demand Letters.....
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Tuesday, March 21, 2017
ACH Specialist Series: ACH Rules Update 2017
Tuesday, April 4, 2017
Website & Social Media Common Compliance Violations
Wednesday, April 12, 2017
Risk Management Series: Developing a Risk-Based Compliance Audit for Your Loan Portfolio
Tuesday, April 25, 2017
BSA Compliance Series: BSA Compliance Hotspots: Regulators, Litigation, Policies & Procedures
View All Upcoming and Archived Webcasts
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!!! Only
8 seats left !!! !!!
7 CPE Credits !!!
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