From check fraud to tax relief measures, trade associations
representing the nation’s financial institutions have had plenty to say.
Below is a sampling of some the most recent insights taken
from official statements and blog posts offering a look into matters concerning
the financial services industry:
MBA praises House for passing ‘Tax Relief’ bill
Mortgage Bankers Association (MBA) President and CEO Bob
Broeksmit reiterated MBA’s support for H.R. 7024, the “Tax Relief for American
Families and Workers Act of 2024,” after the House’s recent 357-70 vote to
advance the bipartisan bill to the Senate.
“MBA is pleased the House has passed this bipartisan bill
that increases the availability of Low-Income Housing Tax Credits (LIHTC),”
Broeksmit said. “The enhancements to the LIHTC program will improve the supply
and affordably challenges in the rental market by producing an estimated
200,000 additional rental units over the next two years. We will continue to
highlight the bill’s important housing provisions to lawmakers on both sides of
the aisle and call for its passage in the Senate as soon as possible.”
Community bankers seek help combating check fraud
Trade groups representing community banks raised concerns to
Congress about the impact of check fraud enabled by the U.S. Postal Service and
large financial institutions on community banks and their customers, pointing
to information compiled by the Community Bankers Association of Illinois. Large
banks and credit unions are sluggish in reimbursing customers for unresolved
checks and unresponsive to community bank concerns, the Independent Community
Bankers of America (ICBA) said in a written statement to the Senate Banking
Committee. ICBA noted it leads an industry fraud work group made up of
regulators, law enforcement, and other stakeholders who share information,
identify best practices and discuss emerging approaches to combating fraud.
Crypto disclosure framework gains support from ICBA
The Basel Committee on Banking Supervision released a draft
regulatory framework for disclosing cryptoasset exposures financial statements
used by banking entities. The ICBA noted its support for the consultation
document, referring to it as “a good starting point for policy discussions on
integrating crypto exposures into audited financial statements and regulatory
capital ratios,” in a blog post. The trade group suggested the committee study
concerns about crypto adoption and work with prudential regulators to ensure
the risks are appropriately captured in bank disclosures.
ABA claims regulators are making homebuying more
difficult
With challenges presented by the economy and high home
prices, the American Bankers Association (ABA) published a recent blog
post describing the difficulties new homebuyers are facing, especially
millennials and Generation Z. Pointing to a recent Redfin survey, which
found that 20 percent of millennials believe they will never be able to afford
a home, the ABA contended that major regulatory changes unveiled by federal
banking regulators will make purchasing a home even more expensive. The trade
group argues these new proposals will increase mortgage financing costs and continue
to drive mortgage origination away from highly regulated banks to less
regulated lenders.