Record State Tax Revenues
Nebraska finished the 2021-2022 fiscal year with a record-high $6.35 billion in tax revenues, a 30.1% increase over previous estimates.
ABA: Revise CRA Modernization Proposal
The American Bankers Association (ABA) called for regulators to rethink certain aspects of the proposal to update the Community Reinvestment Act (CRA). The ABA submitted comments for the record to a House Financial Services subcommittee hearing on the proposal. Rebalancing the proposed benchmarks and rating methods, as well as extending the transition period, were among the recommendations offered by the ABA. The ABA also called for credit unions and other financial services providers to be subject to CRA-like requirements.
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SAFE Banking Act Included in House Defense Bill
The SAFE Banking Act was included in the 2023 National Defense Authorization Act passed by the House last week. The bill will help ensure banks can serve legitimate cannabis businesses.
Fed Seeks Comments on LIBOR Act Implementation Rules
The Federal Reserve (Fed) released a proposal that would establish benchmark rates for certain contracts that use the LIBOR reference rate. The proposal would also clarify additional definitions consistent with the Adjustable Interest Rate (LIBOR) Act passed by Congress earlier this year.
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Fed Releases Senior Financial Officer Survey Results
The most recent Senior Financial Officer Survey about banks’ strategies and practices for managing reserve balances was conducted in May 2022. The Fed’s Board of Governors released the results late last week.
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FHFA Creates Fintech Office, Examines Role of Technology in Housing Finance
The Federal Housing Finance Agency (FHFA) established an Office of Financial Technology to address emerging fintech issues. The Agency is also requesting comments on the role of fintech in housing finance.
FDIC Clarifies Brokered Deposit Reporting Rules
The Federal Deposit Insurance Corporation (FDIC) released a statement and provided updates to frequently asked questions relating to brokered deposit reporting requirements.
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Read the FAQs