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The House Financial Services Committee passed on a bipartisan vote several pro-  growth bills inspired by ICBA's Plan for Prosperity regulatory relief platform. ICBA thanked Chairman Jeb Hensarling (R-Texas) and other members of the committee for advancing community bank relief to support local lending and growth.
The measures approved by the committee include the:
- Home Mortgage Disclosure Adjustment Act (H.R. 2954) to exempt low-volume community bank mortgage lenders from new HMDA data-collection requirements, which passed on a 36-24 vote,
- Bureau of Consumer Financial Protection Examination and Reporting Threshold Act of 2017 (H.R. 3072) to increase the CFPB's exam threshold from $10 billion to $50 billion in assets, which passed 39-21,
- Protecting Advice for Small Savers Act of 2017 (H.R. 3857) to repeal the Labor Department's fiduciary rule, which passed 34-26,
- Community Institution Mortgage Relief Act of 2017 (H.R. 3971) to exempt from mandatory escrow requirements mortgage loans held in portfolio by financial institutions with assets of $25 billion or less and to increase the small-servicer exemption from 5,000 to 30,000 loans, which passed 41-19,
- H.R. 1585 to modify the definition of "accredited investor" by taking into account the individual's education or job experience, which passed 58-2,
- TAILOR Act of 2017 (H.R. 1116) to require banking agencies to tailor regulatory actions based on the business model and risk profile of regulated institutions, which passed 39-21, and
- Financial Institution Customer Protection Act of 2017 (H.R. 2706) to curtail abuses like Operation Choke Point, which passed 59-1.
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As the fallout continues from the Equifax data breach, Rep. Patrick McHenry (R-  N.C.) introduced a bill making several changes to federal regulation of "large consumer reporting agencies" like Equifax, Experian and TransUnion. The bill requires the Federal Financial Institutions Examinations Council to subject large credit bureaus to cybersecurity supervision and exams by a designated FFIEC agency.
McHenry's bill would target the practice of using Social Security numbers to verify identity by prohibiting large consumer reporting agencies from making credit reports with SSNs or using them for identification purposes.
The bill would also require credit bureaus to place security freezes on consumers' credit files within five days of a consumer's request. Bureaus may charge no more than $5 for placing, lifting or removing a freeze, and no fee may be assessed for identity theft victims, minors, seniors or active-duty service members. It includes provisions on temporary lifting of these freezes. Under the bill, if a lender requests access to a credit report in connection with an application for credit and the file is frozen, the loan application may be treated as incomplete.
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Come Support ICBA Chairman Scott Heitkamp
As President and CEO of ValueBank, Corpus Christi, TX., Scott's bank weathered the unprecedented storm of Hurricane Harvey. Come listen as Scott discusses how his bank and community responded to the devastation and why community banking is more important than ever.
Also:
- Dodd - Frank Reform - Fannie and Freddie and the Future of Housing Finance
- Compliance and BSA issues that are on the rise - Do you know?
- End of Year Closeout - Federal Reserve Deleveraging - Practical Steps for 2018
- Cybersecurity and Vendor Management
- Tips and new strategies in acquiring new deposit account holders
- Where do we go from here as a community banking industry?
One Day Event - Free to All ACB Members!
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'Valid-When-Made' Doctrine Codified
Several banking, business and online lending trade associations sent letters to  members of the House and Senate commending lawmakers' efforts to codify "valid-when-made" doctrine, which states that legally made bank loans may be resold and collected by nonbank entities at the same interest rate.
The Protecting Consumers' Access to Credit Act of 2017 - which was introduced in the Senate by Sens. Mark Warner (D-Va.) and Pat Toomey (R-Pa.) and in the House by Reps. Patrick McHenry (R-N.C) and Gregory Meeks (D-N.Y.) - would reaffirm this longstanding legal principle, which was thrown into question following the 2015 case of Madden v. Midland Funding. In that case, the Second Circuit court of Appeals ruled that exporting the originated interest rate violated state usury law in the state where the borrower lived, because the loan buyer was neither a bank nor acting on behalf of the bank.
The groups pointed out that the Madden decision "has injected uncertainty into the secondary markets for consumer and commercial credit, resulting in increased costs and decreased competition," and cited data from a recent study that showed its negative effect on credit availability for certain borrowers. The groups added that reaffirming the "valid-when-made" doctrine could help to encourage innovative partnerships between banks and fintech companies that purchase bank loans or loan securitizations.
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October is National Cyber Security Awareness Month which is an annual campaign  to raise awareness about the importance of cybersecurity.
National Cyber Security Awareness Month (NCSAM) is designed to engage and educate public and private sector partners through events and initiatives to raise awareness about the importance of cybersecurity, provide them with tools and resources needed to stay safe online, and increase the resiliency of the Nation in the event of a cyber incident.
Throughout the month, state and federal agencies provide resources and tools to consumers and businesses to better protect themselves from cyber-attacks. Many of these resources are collected by the National Cyber Security Alliance.
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Demand for IT workers across every industry sector saw gains last month, according
 to the Bureau of Labor Statistics. With high demand for skilled IT professionals, especially in the areas of IT leadership and cybersecurity, attracting qualified technical staff to the banking industry is especially challenging.
Banks are not thought of by tech people as providing the opportunity to work with the latest and greatest technology. And, the rich benefits offered by tech firms are not found in the banking industry.
What do you know about your IT staffing? If it's, "We have a couple of great IT people," it's time to ask more questions. Technology has simply become too broad and far too complex of a discipline for one or a couple of "great" IT people to protect your bank from the risks you face while at the same time offering you the capabilities you need.
To discover more about how BankOnIT helps protect your bank from risk you face, contact us at 800-498-8877, option 2, or
[email protected].
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Wednesday, November 8, 2017
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Thursday, October 18, 2017
Wednesday, October 25, 2017
Thursday, November 2, 2017
Friday, November 10, 2017
Tuesday, November 21, 2017
Bargains Everyday - Check it out!
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