IBA E-News 12-7-18
STATE GOVERNMENT RELATIONS
House Speaker Brian Bosma (R-Indianapolis) has announced committee assignments for the upcoming 2019 legislative session. There are multiple changes to committee assignments on the heels of an election.
Indiana House Democratic Leader Phil GiaQuinta (D-Fort Wayne) has announced the House Democratic Caucus leadership team and the ranking Democrats of House committees.
FEDERAL GOVERNMENT RELATIONS
Rep. Patrick McHenry (R-N.C.) was chosen to be ranking member of the House Financial Services Committee next year. McHenry, who has served on the panel since joining Congress in 2005, was elected for the leadership position by members of the House Republican Conference. He will take over for Chairman Jeb Hensarling (R-Texas), who is retiring.
Congress extended the National Flood Insurance Program through this week. With the program set to expire last week, the last-minute vote averted a lapse. Congress could extend the NFIP this week using a must-pass spending bill due today or a separate six-month extension passed by the Senate last week.
Agencies Encourage Innovative BSA/AML Compliance
Federal agencies issued a joint statement encouraging depository institutions to consider and responsibly implement innovative approaches to meeting Bank Secrecy Act and anti-money laundering compliance obligations. In the joint statement, the agencies pledge to support responsible financial-sector innovations and encourage industry feedback on how they best support these efforts.
Treasury Task Force Opposes Postal Banking
The U.S. Postal Service should not pursue expanding into postal banking or other new sectors, the Treasury Department’s task force on the postal system said. In its report, the task force established by President Trump noted that the USPS has narrow expertise and capital limitations and should not take on added balance sheet risks.
Agencies Propose Real Estate Appraisal Exemption
The federal banking agencies are seeking public comment on a proposal to raise the threshold for residential real estate transactions requiring an appraisal from $250,000 to $400,000.
The proposal would require exempt transactions to obtain an evaluation consistent with safe and sound banking practices. It also would incorporate the rural residential appraisal exemption in the S. 2155 regulatory relief law.