Federal Reserve Issues Final Rule on Mortgage Lending
The Federal Reserve Board has adopted a final rule intended to crack down on abusive mortgage lending practices. Among other things, the rule provides additional protections under Regulation Z (Truth-in-Lending) for a new category of loans defined as “higher-priced mortgage loans.” ... More
Bernanke: Economic Growth Outlook Uncertain
Climbing energy prices, tighter credit conditions and a still weakening housing market continue to pose challenges to the economy, Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee yesterday. At the same time, “upside risks to the inflation outlook have intensified lately," making the outlook for economic growth uncertain, he said. ... More
Federal Reserve Board, Office of Thrift Supervision and National Credit Union Administration Proposed New Restrictions on Credit Card and Overdraft Practices
On May 2nd, the Federal Reserve Board joined the Office of Thrift Supervision and the National Credit Union Administration in proposing new restrictions on credit card and overdraft practices. The rules are proposed under the Federal Trade Commission Act and are open for public comment. Among other things, the proposed rules on credit cards would: ... More
Teach Children to Save Day a Huge Success in Virginia
More than 250 bankers entered classrooms across the Commonwealth on April 29 reaching more than 8,000 students. The VBA and the VBA Education Foundation would like to thank the following banks for participating in Teach Children to Save Day: ... More
ABA Insurance Program Shares Profits with Member Banks
ABA INSURANCE PROGRAM SHARES $5 MILLION IN PROFITS WITH MEMBER BANKS -- Total Distribution Tops $63.5 Million Since 1991 -- The American Bankers Association announced that the American Bankers Professional and Fidelity Insurance Company will distribute $5 million in underwriting profits to insured member banks. ABPFIC, the mutual reinsurer for the ABA-sponsored insurance program, has distributed $63.5 million to participants since 1991. The program – underwritten by Progressive Casualty Insurance Co. – offers directors & officers liability, financial institution bond, Internet banking liability, employment practices liability and other related insurance products for community banks. Insured banks that are ABA members are automatically mutual owners of ABPFIC. “We’re pleased to offer banks this well-established insurance program and proud to offer profit distributions back to our members,” said Edward L. Yingling, ABA president and CEO. “Designed and directed by bankers, the ABPFIC program continues to provide innovative insurance policies to address today’s risk management environment.” “Our program is the only one of its kind that distributes profits directly to member banks,” said ABPFIC Chairman John Manor with The Bank of Bonifay, Bonifay, Fla. “True to the mutual concept, ABPFIC members benefit from their company’s profitability. That is a major achievement for our company and a valuable benefit for ABA members.” ... More
Bankers Insurance Annual Members Meeting
Bankers Insurance Annual Members Meeting The Bankers Insurance Annual Members Meeting took place at the Farmington Country Club from 12pm-2pm on April 18, 2008. Bank CEOs and/or your bank's key Bankers Insurance contacts attended the meeting for a company update, an overview of current and future company initiatives, and board elections. ... More