The U.S. Congress Joint Economic Committee (JEC) released its response to the Economic Report of the President, making recommendations to improve the economy. © Shutterstock The JEC is required by law to respond to the president’s report, which is released each year by the Council of Economic Advisers (CEA). This year’s economic report, released in […]

The post JEC issues response to president’s economic report appeared first on Financial Regulation News.

The House Financial Services Committee advanced the Close the Industrial Loan Company (ILC) Loophole Act, which drew praise from the Credit Union National Association (CUNA) and the National Association of Federally-Insured Credit Unions (NAFCU).© Shutterstock The bill, H.R. 5912, would close a loophole that allows firms to get an FDIC-insured bank charter without the regulation […]

The post House Financial Services Committee advances bill to close ILC loophole appeared first on Financial Regulation News.

The Consumer Financial Protection Bureau (CFPB) issued a final rule to financially help survivors of human trafficking. © Shutterstock Survivors often find that their credit reports reflect financial obligations and negative information resulting from the financial abuse they endured while being trafficked. Traffickers employ financial abuse as both a source of income and a method […]

The post CFPB issues final rule to help survivors of human trafficking appeared first on Financial Regulation News.

The Securities and Exchange Commission (SEC) recently adopted amendments focusing on electronic filing requirements for investment advisers and institutional investment managers.© Shutterstock “In a digital age, it is important for filers to have easy, online methods to submit information to the Commission, and where appropriate for investors to have easy, online access as well,” SEC […]

The post SEC adopts amendments on adviser, manager electronic filing requirements appeared first on Financial Regulation News.

U.S. Sen. Pat Toomey (R-PA) is urging Congress to seek long-term reauthorization of the National Flood Insurance Program (NFIP) to benefit taxpayers and homeowners.© Shutterstock Officials said Toomey encouraged the action during a recent Senate Banking Committee hearing and commended the Federal Emergency Management Agency (FEMA) for recognizing the NFIP must be financially stable to […]

The post Sen. Toomey advocates long-term NFIP reauthorization appeared first on Financial Regulation News.

Mortgage Bankers Association (MBA) and National Fair Housing Alliance (NFHA) officials are touting the launch of an online toolkit to aid in addressing the racial homeownership gap.© Shutterstock The resource is for mortgage lenders interested in developing Special Purpose Credit Programs (SPCPs), which authorities noted permit lenders to offer mortgage credit to economically and socially […]

The post Agencies launch resource addressing racial gap in homeownership appeared first on Financial Regulation News.

The Independent Community Bankers of America (ICBA) has joined other groups in requesting the Federal Deposit Insurance Corporation (FDIC) reconsider its decision to eliminate the Office of Supervisory Appeals (OSA).© Shutterstock The ICBA, as well as the American Association of Bank Directors, American Bankers Association, Bank Policy Institute, Consumer Bankers Association, and Midsize Bank Coalition […]

The post ICBA, others seek reconsideration of FDIC’s decision to eliminate Office of Supervisory Appeals appeared first on Financial Regulation News.

The House Financial Services Committee advanced 10 bills last week that reduce housing costs, help small businesses, and protect whistleblowers, among others. © Shutterstock Among the legislation advanced is the Downpayment Toward Equity Act (H.R. 4495), sponsored by Committee Chair Maxine Waters (D-CA). This bill would authorize $100 billion for a new HUD grant program […]

The post House Financial Services Committee advances 10 bills appeared first on Financial Regulation News.

The Senate Finance Committee unanimously advanced the Retirement Security and Savings Act, sponsored by U.S. Sens. Rob Portman (R-OH) and Ben Cardin (D-MD).© Shutterstock The bill, S. 1770, would help small businesses offer retirement plans, expand access for low-income Americans, and allow people to save more for retirement. It passed in the committee 28-0 and […]

The post Senate Finance Committee advances Retirement Security and Savings Act appeared first on Financial Regulation News.

U.S. Sens. Sheldon Whitehouse (D-RI), Dick Durbin (D-IL), Chuck Grassley (R-IA), and John Cornyn (R-TX) recently applauded the enactment of their legislation that aids small businesses and individuals amid navigating bankruptcy.© Shutterstock The bill advanced through the Senate with unanimous support. “The bankruptcy process should help small businesses and working families to weather financial hardship […]

The post Bipartisan senators applaud enactment of small business bankruptcy legislation appeared first on Financial Regulation News.