CBI Members visit Iowa congressional candidates
CBI member bankers recently visited Iowa state and federal congressional candidates to present campaign donations from CBIPAC. As Chair of the Iowa General Assembly's Senate Ways & Means Committee, Senator Dan Dawson (below left) had a supportive role in the passing of bank/credit union tax parity legislation earlier this year. (Click photos below to view larger.)
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Left to right:
Matt Garst
Senior Vice President
Frontier Savings Bank
Council Bluffs
Iowa State Assembly
Senator Dan Dawson
(R-8)
Tim German
President
Frontier Savings Bank
Council Bluffs
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Left to right:
Heidi Brown
Executive Vice President
Citizens State Bank
Sheldon
US Representative
Randy Feenstra
(R-IA Dist. 4)
Dennis Ten Clay
Board Member
Citizens State Bank
Sheldon
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Left to right:
Phil Keese
President & CEO
Liberty Trust & Savings Bank - Durant
Iowa State Assembly
Representative
Bobby Kaufman (R-73)
Ron Hansen
Chairman, Liberty Trust & Savings Bank; former IA Superintendent of Banking
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Fed bumps rates up another 75 basis points for fourth time this year
"The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 3-3/4 to 4 percent. The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve's Balance Sheet that were issued in May. The Committee is strongly committed to returning inflation to its 2 percent objective.
"In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments."
The Implementation Note released with the Minutes indicate that the Board of Governors voted unanimously to:
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raise the interest rate paid on reserve balances to 3.9 percent, effective November 3, 2022
- approve a 3/4 percentage point increase in the primary credit rate to 4 percent, effective November 3, 2022.
More information regarding open market operations and reinvestments may be found on the Federal Reserve Bank of New York's website. |
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$148M available for COVID-19 supplemental payments
The US Department of Housing and Urban Development (HUD) has announced that it is opening a new application period for COVID-19 Supplemental Payment (CSP) funding. This will provide owners of multifamily properties participating in assisted housing programs an opportunity to apply for more than $148 million in supplemental operating funds to support expenses associated with protecting residents and staff from COVID-19.
Owners of properties participating in HUD’s Section 202 Housing for Low- and Very-Low Income Elderly, Section 811 Housing for Low- and Very-Low Income Persons with Disabilities, and Section 8 Project-based Rental Assistance programs are eligible to receive reimbursements from this pool of funds for eligible expenses incurred from March 27, 2020, through January 31, 2023. The deadline for applications is February 21, 2023.
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CFPB to reopen comments on big tech payment platforms
The Consumer Financial Protection Bureau (CFPB) has posted a Bureau Blog article announcing that it is re-opening for 30 days the public comment period on its November 5, 2021, Request for Comment to inform the Bureau's inquiry into the business practices of large technology companies that operate payment systems in the U.S.
In October 2021, the CFPB ordered six large technology and peer-to-peer platforms that operate payment services--Amazon, Apple, Facebook, Google, PayPal and Square--to provide information about their business practices, including their data collection and use, their policies for removing individuals or businesses from their platforms, and their policies and practices for adhering to key consumer protections like addressing disputes and errors.
The Bureau wants to better understand how such firms use personal payments data and manage data access to users so the Bureau can ensure adequate consumer protection. The CFPB will be inviting additional public comments to broaden its understanding of the risks consumers face and potential policy solutions. In particular the Bureau is seeking more information on companies’ acceptable use policies and their use of fines, liquidated damages provisions, and other penalties.
A Federal Register notice with additional details on the comment period will be published shortly.
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FinCEN reports ransomware reporting has increased
Tuesday FinCEN released its most recent Financial Trend Analysis of ransomware-related BSA filings for 2021, and reported that ransomware continued to pose a significant threat to U.S. critical infrastructure sectors, businesses, and the public.
The report focuses on ransomware trends in BSA filings from July-December 2021, and addresses the extent to which a substantial number of ransomware attacks appear to be connected to actors in Russia.
This latest report builds on FinCEN's October 2021 report on the same topic. Among the principal findings in the report:
- Reported ransomware-related incidents have substantially increased from 2020
- Ransomware-related BSA filings in 2021 approached $1.2 billion
- Roughly 75 percent of the ransomware-related incidents reported to FinCEN during the second half of 2021 pertained to Russia-related ransomware variants
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CBI attempts to publish as many different viewpoints as possible to provide you with information in the banking industry.
CBI does not necessarily endorse or support the opinions given in these third-party news sources.
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©2022 Communty Bankers of Iowa. CBI's Mid-Week Account is sponsored by
recipient of Community Bankers of Iowa's communications.
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