NewsWatch Today

Following the FDIC’s approval of the formation of Thrivent Bank, a new industrial loan company based in Utah, ICBA reiterated its strong opposition to the ILC loophole.

The Community Development Financial Institutions Fund extended the application deadlines outlining when current CDFIs must reapply for CDFI certification using the revised version of the application.

The Federal Reserve extended until Sept. 6 the comment period on its proposal to expand Fedwire Funds Service and National Settlement Services operating hours. Comments on the proposal were originally due by July 8.

Federal financial services regulators issued a final rule to implement quality control standards for automated valuation models, or AVMs, which mortgage lenders use to value real estate collateral.

The FDIC approved a final rule to require resolutions plans for banks with at least $100 billion in assets and “informational filings” for banks over $50 billion.

Federal banking regulators issued a proposed rule that would amend Bank Secrecy Act requirements for anti-money-laundering and countering-the-financing-of-terrorism programs.

ICBA-advocated legislation directing the Federal Reserve to stop and study its proposed changes to Regulation II before finalizing the rule was introduced in the Senate.

ICBA told the FDIC that its bank merger review process requires significant revisions to be streamlined and equitable to community banks.

The FDIC board of directors scheduled a meeting for 10 a.m. (Eastern time) today.

Only 20% of community banks feel fully prepared for the succession of their CEO and other executives to the next generation, according to a recent article in Independent Banker magazine.

Federal Reserve Governor Michelle Bowman said regulators need to understand emerging technologies such as artificial intelligence, blockchain, and tokenization, including how they may be used in the financial system and who has the ultimate responsibility over them.

The Conference of State Bank Supervisors said the FDIC’s proposed bank merger policy would create more challenges than benefits for the banking industry, especially for community banks.