September 17, 2014
Masthead 2

 
Contents:
ICBA Asks Senate to Approve Legislation
Industrial Production Edged Down in August
Retail Sales Up
Sued: Corinthian Colleges, Inc.



BKD 2010





Celerit


Harland Clarke


ICBA Securities





Travelers



 
View all other ACB Products and Services

Looking for a service you can't find?  Let us know!  
 
Real Community Bank
ICBA Asks Senate to Approve Legislation  
Testifying before the Senate Banking Committee, ICBA Chairman John H. Buhrmaster, president and CEO of First National Bank of Scotia, N.Y., will call on the Senate to pass legislation that would reduce the complex and suffocating regulatory burden our nation's community banks face.

"ICBA's legislative and regulatory agenda is built on the principle of tiered regulation calibrated according to institutional size, business model, and risk profile," Buhrmaster plans to say in remarks to lawmakers. "Tiered regulation will allow community banks to reach their full potential without jeopardizing safety and soundness or consumer protection."

Buhrmaster will urge lawmakers to pass the CLEAR Relief Act (S. 1349), a regulatory relief bill inspired by the ICBA Plan for Prosperity that has 40 bipartisan cosponsors. He will also highlight ICBA's call report petition with nearly 15,000 banker signatures representing 40 percent of all community banks nationwide. Today, the call report comprises 80 pages of forms and 670 pages of instructions. A typical community bank with $500 million in assets spends close to 300 hours a year of senior level, highly-compensated staff time on the quarterly call report. Now, Basel III capital requirements may add nearly 60 new additional pages of instructions.

For this reason, ICBA is calling on the agencies to allow highly-rated community banks to submit a short-form call report in the first and third quarters of each year. A full call report would be filed at mid-year and at year-end. The short form would contain essential data required by regulators to conduct off-site monitoring, including income, loan growth, changes in loan-loss reserves, and capital position.
Industrial Production Edged Down in August 
Industrial production decreased 0.1 percent in August, the Federal Reserve reported. Manufacturing output decreased 0.4 percent in August. The declines were the first for each since January. The capacity utilization rate for total industry decreased 0.3 percentage point in August to 78.8 percent, which is a rate 1.0 percentage point above its level of a year earlier and 1.3 percentage points below its long-run (1972-2013) average.
Retail Sales Up
Retail sales increased 0.6 percent in August and were up 5.0 percent from a year ago, the Commerce Department reported. The department increased the July estimate from a flat reading to a 0.3 percent increase. The report found broad-based gains, including in auto sales and restaurants

Sued: Corinthian Colleges, Inc.   

Yesterday the Consumer Financial Protection Bureau (CFPB) sued for-profit college chain Corinthian Colleges, Inc. for its illegal predatory lending scheme. The Bureau alleges that Corinthian lured tens of thousands of students to take out private loans to cover expensive tuition costs by advertising bogus job prospects and career services. Corinthian then used illegal debt collection tactics to strong-arm students into paying back those loans while still in school. To protect current and past students of the Corinthian schools, the Bureau is seeking to halt these practices and is requesting the court to grant relief to the students who collectively have taken out more than $500 million in private student loans.

 

Corinthian Colleges, Inc. is one of the largest for-profit, post-secondary education companies in the United States. The publiclytraded company has more than 100 school campuses across the country. The company operates schools under the names Everest, Heald, and WyoTech. As of last March, the company had approximately 74,000 students.  

 

View the press release in its entirety here.  

Thursday, September 18, 2014                    Complimentary               

Building a Compliance Scorecard
 
Tuesday, September 23, 2014                                  

 
Thursday, September 25, 2014                                 

 
Nov. 3-5 in Memphis, TN.