tailored regulation, more flexible mortgage rules, a sustainable housing finance system, flood insurance reform, a
level playing field for all kinds of financial services providers, tax reform, small business lending support, student
debt relief, stronger data security standards, an end to price caps on interchange fees and a more sensible
“ABA is calling on the [Trump] administration, Congress and bank regulatory agencies to work in a bipartisan
manner to pursue legislative changes that will keep financial institutions strong and capable of fulfilling their
mission,” Nichols said. Read the letter.
In a recent webinar for bankers, Nichols acknowledged that the industry’s efforts to achieve meaningful
regulatory relief would be “starting closer to the 50-yard line than the 5-yard line” with the new Congress and
administration, but emphasized that timing and bipartisan cooperation will be essential to scoring legislative wins.
This is particularly true in the Senate, where 60 votes will be needed to enact any significant reforms. He added
that the industry could see additional opportunities for “rule recalibration” at the supervisory level, as President-Elect Trump appoints new heads of several regulatory agencies over the next several months.
“Our endgame is to create a new supervisory framework to help banks better serve their customers, clients and
communities,” Nichols said. ABA’s Wayne Abernathy and James Ballentine also spoke on the call, offering more
detailed outlooks for both legislation and regulatory policy. Listen to the webinar.
HOUSE REPORT RECOMMENDATIONS ON FIGHTING TERROR FINANCING
A bipartisan House Financial Services Committee task force has released a report on combating the financing of
terror. In the course of its yearlong investigation, the task force identified several “highly critical vulnerabilities” in
the U.S.’ ability to stop the flow of funds to terrorist organizations, including federal information sharing and interagency coordination.
Included among the task force’s short-term recommendations were a number of bipartisan bills aimed at
improving information sharing between government entities and law enforcement and developing a “whole-of
government” strategy for fighting illicit finance.
In the longer term, the task force stressed the need for increased interagency coordination, more overseas
Treasury attaches, better information sharing between organizations and international partners and additional
focus on helping developing countries fight illicit finance. The task force also called for greater supervision of
nonbank financial institutions through a harmonized regulatory and examination procedure, better collection of
beneficial ownership information and for the re-establishment of a Terrorist Financing Working Group. Read the
► OCC Launches Central Application Tracking System
The OCC on January 17 rolled out the first phase of its new Central Application Tracking System, which will
allow the banks it regulates to draft, submit and track licensing and public welfare investment applications.
The system will allow OCC analysts to receive, process and manage those applications. Available through
BankNet, CATS will replace existing e-Corp and CD1 Invest application tools.
With this phase one rollout, CATS may now be accessed by frequent e-Corp and CD- 1 Invest filers. Phase
two (for all other filers on the existing systems) and phase three (for all other banks) are scheduled to begin
later this spring. While CATS use is encouraged, banks may continue to submit paper filings. OCC staff will
notify banks about which phase they will be part of and about webinars the agency is planning to help
bankers learn how to use CATS. Read more.