In a letter to Treasury Secretary Steven Mnuchin, a group of bipartisan lawmakers urged Treasury to prioritize policy changes that would increase coordination between regulatory agencies conducting bank examinations to help reduce the compliance burden on financial institutions.
"Financial holding companies and their affiliates are annually subject to a number of different examinations, including capital adequacy, liquidity, cybersecurity, vendor management, the Volcker Rule, Bank Secrecy Act/Anti-Money Laundering requirements, and business continuity planning," the lawmakers wrote. "Institutions subject to multiple exams on the same issue results in a never-ending cycle of examinations, which diverts critical resources and detracts from the real work of the institution to serve its customers, develop innovative ideas and defend against cyberattacks."
In its recent report on financial regulation, Treasury raised similar concerns about the examination process and made recommendations on how it could be better streamlined. The lawmakers said that they intend to evaluate the department's recommendation for assigning a lead regulator on issues where agencies have conflicting or overlapping jurisdiction, adding that the agencies themselves should also take action to address the issue. They also welcomed Treasury's recommendation for increased coordination, transparency and accountability between the regulatory agencies.
The U. S. Small Business Administration, Arkansas District Office approved $140,587,874 in loans to 295 small businesses during the first three quarters of fiscal 2017. This represents a steady pace in the number of approved loans but a slight 14 percent decrease in dollars over the same period last year.
The district attributes the decrease in overall dollar amount to a leveling in the expansion of poultry production facilities which accounted for 24 percent of the total loan volume during the first three quarters of FY17, down from a high in FY15 in which poultry lending accounted for 56 percent of the dollars loaned. The number of businesses that received an SBA loan remained stable, showing a greater diversification of the SBA portfolio in Arkansas.
Currently 57 lenders are making SBA loans in Arkansas, 35 of which have a physical presence here, verses only 43 lenders of which 29 were in Arkansas the same time period in FY16.
"We are seeing an increase in SBA activity in more institutions both in and out of state. Some lending partners have slowed their SBA production as more institutions begin using the SBA loan products offsetting total growth. This competition has created a higher demand for SBA loans and is a benefit for our state's small businesses," said Edward Haddock, SBA's Arkansas District Director.
SBA loans to businesses in Arkansas help drive economic growth and job creation. During the first three quarters of fiscal 2017 the 295 loans helped create or retain 3,086 jobs in Arkansas.
Nationwide, SBA loan dollars are up 8.53 percent with $22.5 billion in the third quarter of fiscal 2017. However, the Agency assisted 50,350 small businesses which is 2.56 percent less compared to the same time last year.
A Trade Coalition voiced its strong support for the Amodei Amendment, which would transition the Consumer Financial Protection Bureau from a single-director governing structure to a five-person bipartisan committee.
The change would offer a balanced and deliberate approach to supervision, regulation and enforcement for consumers and the financial institutions the CFPB oversees by encouraging input from all stakeholders, the group said in a trade coalition letter to House Appropriations Committee members.
The current single director structure, the letter stated, "leads to regulatory uncertainty and instability" and leaves "vital consumer financial protection subject to dramatic political shifts with each changing presidential administration,".
According to a new Price Waterhouse Cooper digital payments study, 46 percent of bank customers interact with their banks EXCLUSIVELY through digital channels (e.g., mobile, tablet and PC). This staggering trend away from traditional banking methods begs this important question: "What products and services is my bank delivering to customers living a digital life?" If your answer is none and you think that your bank will be unaffected by the digital payments tsunami because your customers aren't asking for digital services, think again. If you've subscribed to the notion that older customers don't bank digitally or that younger customers won't be attracted to a community bank, let me dispel those myths right now!
between regulatory agencies conducting bank examinations to help reduce the compliance burden on financial institutions.
fiscal 2017. This represents a steady pace in the number of approved loans but a slight 14 percent decrease in dollars over the same period last year. 
governing structure to a five-person bipartisan committee. 
(e.g., mobile, tablet and PC). This staggering trend away from traditional banking methods begs this important question: "What products and services is my bank delivering to customers living a digital life?" If your answer is none and you think that your bank will be unaffected by the digital payments tsunami because your customers aren't asking for digital services, think again. If you've subscribed to the notion that older customers don't bank digitally or that younger customers won't be attracted to a community bank, let me dispel those myths right now!
