Community banks urge Trump administration to curb fair lending overreach

From: Financial Regulation News

The Independent Community Bankers of America (ICBA) urged the Trump administration last week to rein in the overzealous application of fair lending laws, claiming the laws have sparked a trend of unwarranted enforcement actions.

“Community banks are fully committed to fair lending and strongly oppose discrimination prohibited under laws such as the Fair Housing Act and Equal Credit Opportunity Act,” Cameron Fine, ICBA president and CEO, said. “However, community banks are experiencing enforcement overreach that diverts an abundance of resources from serving their local communities to complying with and responding to unwarranted fair lending allegations.”

Financial Regulation: Wall Street Takes Washington

From: The Wall Street Journal

By Jacob M. Schlesinger and Henry Williams

A new crowd of deregulating Wall Streeters take power in Washington under President Donald Trump, as they prepare to freeze, then undo, Obama-era rules. The Obama administration ends with a flurry of enforcement actions, an attempt to close the books on crisis-related cases. The consumer finance watchdog—a frequent target of Republicans—digs in, and prepares to fight back. Overseas, Chinese officials scramble to keep their financial system under control.

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Department of Education Rules: The Arts Don’t Pay Enough, Teaching Them is Prohibited

From: Education Santa Fe New Mexican

Harvard program caught in for-profit regulation list

By Kevin Carey, The New York Times

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The Harvard program is run by the ART Institute at Harvard University (ART stands for American Repertory Theater). It’s a small program, admitting about two dozen students each year into “a full-time, two-year program of graduate study in acting, dramaturgy or voice pedagogy.” On average, graduates earn about $36,000 per year.

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NY State Orders Banks to Step Up Monitoring for Money Laundering

Editor’s Note: See, “Unwarranted Deputization: Increased Delegation of Law Enforcement Duties to Financial Institutions Undermines American Competitiveness” on the White House website here.

From: Inside Counsel

State regulators have imposed new requirements on banks operating in New York that they say are needed to ensure the institutions are adequately monitoring transactions for possible money laundering.

Financial innovation in the US likely to remain on hold

Editor’s Note: Cross-posted from Regulatory Cyber Security/FISMA Focus.

From: Asia Times

In the third in a three-part series on the US economy on the cusp of a new era, Orla O’Sullivan finds that few expect an imminent bump to US productivity from financial innovation.

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Worse, many in the US banking industry say that the IT spending now being done is not innovative; it’s defensive. Indeed, a recent survey by a leading industry newspaper, American Banker, found regulatory compliance, followed by cyber security, tops US banks’ IT spending priorities.