Neil Haggerty
American Banker
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Past articles by Neil:
Regulators urge banks to strengthen customer authentication
The Federal Financial Institutions Examination Council says bank accounts and information systems have become more vulnerable as mobile and other technologies have expanded. It issued guidelines on detailed steps financial institutions should take to heighten security. → Read More
Will AML rules be extended to crypto?
Banks are traditionally the target of anti-money-laundering regulations and law enforcement’s efforts to crack down on illicit finance. As the cryptocurrency sector grows, policymakers may subject it to customer identification requirements and other measures, analysts say. → Read More
Proposed 36% APR cap is tough sell to GOP, banks
Democratic leaders in Congress want to extend the interest rate limit applying to service members to all consumers. Republicans and industry representatives warn such a broad restriction will hamper lenders' ability to price risk. → Read More
Banking bills doomed in Congress still credited with fostering change
Democratic proposals to offer free accounts, restrict overdraft fees and cap interest rates have zero chance of passage. But analysts say lawmakers’ push for products that help consumers is influencing some banks’ decisions to institute reforms on their own. → Read More
Battle lines over cryptocurrencies being drawn in Congress
A Senate hearing highlighted the two parties' starkly different views of digital assets, with Democrats warning of price manipulation and Republicans saying the government should just get out of the way. → Read More
Treasury, regulators discuss path forward for stablecoins
The president's working group on financial markets met in advance of a report expected within months on growth in digital currencies pegged to the U.S. dollar. → Read More
Acting CFPB director should come before House panel, McHenry says
Rep. Patrick McHenry, the ranking GOP member of the House Financial Services Committee, requested a hearing with Dave Uejio to address policy actions “traditionally ... reserved for a Senate-confirmed Director.” → Read More
Banking regulators expected to advance Biden agenda despite 'acting' tag
The Federal Housing Finance Agency recently became the third agency along with the Office of the Comptroller of the Currency and Consumer Financial Protection Bureau without a Senate-confirmed leader. But analysts say the appointment of interim chiefs gives the administration even more control over regulatory initiatives. → Read More
Why SEC's climate disclosure rules could hit banks hardest
All public companies could be on the hook for detailing climate-related risks — including those of clients. The data-gathering burden might be especially heavy for banks, industry officials say, because they lend to and invest in so many companies across so many industries. → Read More
Maloney reintroduces bill to curb banks' overdraft fees
Rep. Carolyn Maloney of New York, the No. 2 Democrat on the House Financial Services Committee, is trying again to bar banks from charging customers more than once per month for overdrawing, and to set other limits. → Read More
A government-run credit bureau? Lawmakers sharply divided over idea.
Democrats are pushing for a public-sector alternative to the three main credit bureaus, but Republicans argue that the government is ill-equipped to safely handle consumer data and produce accurate reports. → Read More
Bill advances that would require lenders to report LGBTQ business data
The House has passed legislation that would make financial institutions report credit application data relating to LGBTQ-owned businesses to the Consumer Financial Protection Bureau for the purposes of enforcing fair lending laws. → Read More
House panel advances bill to require annual G-SIB reports to the Fed
The House Financial Services Committee passed a bill along party lines to require global systemically important banks to submit new annual reports on activities to the Fed. → Read More
FedAccounts billed as gift to bankers. Many are dubious.
No-fee digital bank accounts subsidized by the Federal Reserve would help community banks draw in new customers and pay for technology upgrades, proponents of the idea say. But it's a hard sell to executives skeptical of government involvement in retail banking. → Read More
Banks, consumer advocates unite against tax reporting proposal
The Biden administration wants financial institutions to tell the government more about their customers to help the IRS thwart wealthy tax evaders. But critics say the plan could threaten account data security and the privacy of even low-income consumers. → Read More
Big banks support SEC climate disclosure plan, small banks dread it
The largest financial institutions say the agency’s proposal to require public companies to disclose their contributions and vulnerability to climate change is consistent with investor demand. Community banks say it would create an unnecessary regulatory burden. → Read More
Have banks dodged corporate tax bullet under Biden?
The president had campaigned on a 28% corporate tax rate — threatening to undo much of the Trump-era cuts — and banks were seen as more vulnerable than other industries. But the administration appears to be embracing a lower rate as part of broader legislative talks. → Read More
Fed isn't seeking to make climate policy, Powell says
Amid GOP criticism about the Federal Reserve’s focus on climate change issues, Chair Jerome Powell said the central bank is striking the right balance by educating the public about risks to the financial system while not taking actions that are better left to elected officials. → Read More
GOP senator wants to cut deal on GSE reform. Will Democrats listen?
Sen. Pat Toomey of Pennsylvania, the Banking Committee's top Republican, is talking up the prospects of a bipartisan deal to overhaul Fannie Mae and Freddie Mac. But Democratic leaders sound less motivated to change the status quo for the government-sponsored enterprises. → Read More
More D.C. fireworks: Lawmakers, CEOs clash on minority outreach, overdrafts
The heads of the six largest banks endured a second day of testimony as House members quizzed them on overdraft fees, investments in minority businesses and other issues. Meanwhile, the executives pushed back on Democrats’ proposal to raise the corporate tax rate. → Read More