ABA Banking Journal - January 2013 - (Page 40)

AMERICAN BANKERS ASSOCIATION At Your Service in the know with BOB DAVIS ABA EVP, Mortgage Markets, Financial Management & Public Policy ABABJ: What’s ahead for the DoddFrank mortgage reforms in 2013? Bob Davis: The Dodd-Frank Act mandates final rules on several issues by Jan. 21, including ability to repay and “qualified mortgages,” servicing, highcost mortgages, appraisals and disclosures, and loan originator compensation. Revised RESPA and TILA reforms will also follow a bit later in the year. There are thousands of pages of regulations that are all going to hit at once with as little as one-year implementation. ABABJ: What is ABA doing? BD: We’ve asked for 18 months of implementation. It’s really going to be difficult for banks and their related service providers to comply. The sheer complexity means interpretations, which makes implementation all the more difficult. The rules are not independent of one another. We have to identify what works together and what needs to change. For the past year, we’ve had bankers meeting weekly on these challenges. This year, we’ll be providing online summaries of the rules for bankers, as well as webinars and teleconferences, while continuing to work with bankers to drive advocacy efforts with the regulators and members of Congress. Questions? E-mail them to Bob at rdavis@aba.com. 40  |  ABA BANKING JOURNAL  |  January 2013 Industry Advocacy ABA Urges Bankers to Attend Government Relations Summit ABA is urging banking industry leaders to plan now to attend the association’s Government Relations Summit, April 15-17, in Washington, D.C. The Summit has become the industry’s largest advocacy event in the nation’s capital, and this year’s meeting is considered especially important given the high-impact issues, such as housing finance reform, facing the new Congress. The conference—which last year attracted more than 1,100 bank CEOs, directors and employees—offers bank representatives the opportunity to hear detailed briefings from Washington insiders. Attendees also will meet personally with policymakers to educate them on the vital role banks play in the economy and to advocate for policy changes that support banking. Registration for the Summit is free. For more information and to register, visit aba.com/Summit. n Advocacy ABA Adopts 2013 Government Relations Priority Policy Positions Reform of the Dodd-Frank Act and the Consumer Financial Protection Bureau, repeal or reform of the Volcker Rule, changes to the Basel III capital proposals, reinvigoration of prudent mortgage lending, reform of Fannie Mae and Freddie Mac, and ending the credit union free tax ride are among ABA’s Government Relations action priorities for the new year. The priorities are developed by bankers serving on ABA’s Government Relations Council Administrative Committee. The ABA Board of Directors considered and adopted the 2013 priority policy positions on Dec. 5. To view all of ABA’s 2013 priority policy positions, go to aba.com/Issues/Pages/ ABAGRPriorities.aspx. n 12% Federal Reserve policy targets Fed policy will remain accomodative as long as unemployment remains above the 6.5% target and inflation remains anchored 10% Unemployment rate 8% Target unemployment 6% 4% 2% 0% 2000 Inflationary expectations 2002 Source: University of Michigan, BLS 2004 2006 2008 2010 2012 http://www.aba.com/Summit http://www.aba.com/Issues/Pages/ABAGRPriorities.aspx http://www.aba.com/Issues/Pages/ABAGRPriorities.aspx

Table of Contents for the Digital Edition of ABA Banking Journal - January 2013

ABA Banking Journal - January 2013
Contents
Chairman’s View
Editor’s Column
The Economy
Bank Notes
Picture This
ABA COMMUNITY BANKING Time to prune that branch?
Pass the Aspirin
Tech Topics
COVER STORY: The road ahead How banking may fare in Washington
Insurance: How well are you covered?
Compliance Special Report
Compliance Inbox
ABA At Your Service
Convention Preview
First Person

ABA Banking Journal - January 2013

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