Daily News Digest

 

July 18, 2018


Politico

  • Senate Democrats are asking for a delay on the confirmation vote on Kathy Kraninger to lead the CFPB while they determine what role she played, if any, in the Trump immigration policy and the Puerto Rico disaster recovery.
  • Before the end of the month, Treasury is expected to release a major policy statement on the regulation of fintech companies which could bring more clarity to a situation which has been plagued by uncertainty and differences of opinion among the various regulators.
  • A new flood insurance bill in the House to reauthorize the National Flood Insurance Program (NFIP) until November 30 was introduced yesterday.
  • The Senate confirmed Fed Governor Randal Quarles for a new 14-year term on the Fed Board.


American Banker 

  • The U.S. Court of Appeals has ruled that the Federal Housing Finance Agency's leadership structure — with a single director at the top who can be fired only for cause — is unconstitutional. The decision — which could be appealed to the full panel of Fifth Circuit judges or the Supreme Court — echoes a similar ruling in 2016 written by Judge Brett Kavanaugh, of the D.C. Circuit, that the CFPB's single-director structure was unconstitutional.


The Wall Street Journal

  • Tensions over tax policy have not thwarted serious bipartisan efforts in Washington to undertake meaningful reform of the U.S. retirement savings issue.  Lawmakers from both parties agree that more needs to be done to encourage Americans to save and are working on legislation that would make it easier for small businesses to offer 401(k) plans.  Financial services companies and the AARP support the Retirement Enhancement and Savings Act (RESA).
  • The House overwhelmingly approved, on a bipartisan basis, a package of 32 financial deregulatory bills aimed at increasing access to capital markets. The package, an expansion of the JOBS Act, faces an uncertain fate in the Senate because of lack of time. The Senate has major business on its agenda for the remainder of the year, including a controversial Supreme Court nomination.
  • U.S. commercial property values are soaring in a few niche sectors including manufactured homes, student housing, and industrial property.
  • New York State led a coalition of states, including Connecticut and New Jersey, in suing the Trump Administration over federal tax reform, which it says was “politically motivated and designed to interfere with the rights of states to manage their finances.” The suit specifically focuses on the new limits on deducting state and local taxes.


New York Post

  • Following the planned September 30 departure of Lloyd Blankfein as the CEO of Goldman Sachs, Chase’s Jamie Dimon will be the last remaining CEO of a major Wall Street bank who spanned both the run-up and the aftermath of the financial crisis. Mr. Dimon says he will stay at the helm of JP Morgan Chase for another five years.
  • During a Congressional hearing yesterday, lawmakers on both sides of the aisle grilled Fed chief Jerome Powell about the persistent “lackluster wage growth,” questioning whether the economic boom has really benefitted working families. Chairman Powell also said during questioning that the strength of the economy justifies continuing rate increases.


The New York Times

  • Freshman Republican Congressman John Faso (CD 19 – Hudson Valley) is in one of the most closely-watched races in the country. His opponent is Antonio Delgado, a Harvard-educated lawyer whose fledgling career as a rap artist has served up some controversial song lyrics that have become a centerpiece of the campaign.




Questions?

Karen Armstrong, Senior Vice President, Communications and Political Action
karmstrong@nyba.com


Duncan McCausland
, Marketing and Communications
dmccausland@nyba.com