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Online EducationABA Banking Journal: Senate confirms Bowman as Fed vice chair for supervisionJune 4, 2025
The Senate voted 48-46 today to confirm Federal Reserve Governor Michelle Bowman as vice chair for supervision. The position was previously filled by Fed Governor Michael Barr. Bowman joined the Fed board in 2018 during President Trump’s first term in office. She was nominated by Trump earlier this year for vice chair for supervision. Appearing before the Senate Banking Committee for her nomination hearing in April, Bowman said that bank supervision must be “reformed and refocused” to better address core and material financial risks. She also said that regulations must be approached “in a pragmatic way that ensures they are efficient and effective.” In a statement, American Bankers Association President and CEO Rob Nichols congratulated Bowman on her confirmation. “With her deep experience as a federal regulator, state regulator and community banker, Governor Bowman understands the real-world impact U.S. banking rules can have on the economy and consumers,” Nichols said. “We applaud the president for nominating her and look forward to working together to develop a rational bank regulatory framework that preserves the commitment to safety and soundness that we all share, while giving banks of all sizes the chance to support their customers and communities and drive the U.S. economy forward.” Back to TopABA Banking Journal: CSBS initiative aims to improve regulatory, supervisory solutions via technologyMay 27, 2025 The Conference of State Bank Supervisors has rolled out what it calls its “Catalyst Initiative,” which, according to the group, “seeks to address state financial regulatory agencies’ key supervisory challenges and reduce regulatory burden.” The initiative, announced during CSBS’ recent Mortgage Policy Summit in Washington, D.C., will focus on partnering with the private sector to use modern technology and improve the efficiency and effectiveness of financial services supervision, CSBS officials said. “The Catalyst Initiative reflects the state system’s commitment to innovation,” said CSBS President and CEO Brandon Milhorn. “Just as NMLS transformed mortgage industry regulation, new supervisory technology can fundamentally change how the states help protect consumers and financial stability. These investments in new tools — made in parallel with ongoing private sector efforts — will provide better data, improved analytics, and more effective systems to quickly identify and mitigate financial risks.” For this year, the Catalyst Initiative will focus on two areas for innovation and improvement, CSBS said. It will examine ways to make bank data reporting less costly, more transparent and timelier than the current quarterly submission process. It also will include experimenting with ways to leverage the new Mortgage Industry Standards Maintenance Organization, or MISMO, mortgage compliance dataset. The dataset was created to help regulators more efficiently review mortgage files for compliance with state and federal laws. New activities will be planned for subsequent years. Back to TopABA Banking Journal: Survey: ABA, state bankers associations urge Senate to include ACRE Act in budget billJune 3, 2025
The American Bankers Association and 52 state bankers associations this week urged senators to include legislation to expand access to affordable real estate credit in rural areas in a budget package currently under consideration in Congress. The Access to Credit for our Rural Economy Act, or ACRE Act, would help sustain and grow rural America by easing the financial burden on farmers, ranchers and rural communities, the associations said in a letter to Senate Finance Committee leaders. A version of the ACRE Act was included in the budget bill passed by the House last month. The budget bill is now before the Senate, which is expected to make changes. The associations pointed to research by ABA and others showing that farmers currently face a difficult economic climate. “The ACRE Act offers more long-term stability for farmers and ranchers by creating the most competitive interest rate environment possible on loans secured by farm real estate, fisheries and aquaculture facilities,” they said. “ABA estimates the ACRE Act will lower the cost of credit by 100-150 basis points. For a young producer financing farmland purchased at $10,000 per acre, that would equal a sustained reduced yearly interest cost of $100-$150 an acre.” More than 30 million rural Americans stand to benefit from the ACRE Act, the associations said. “The ACRE Act is a practical, targeted solution to lower the cost of credit and increase credit availability across rural America,” they said. “Congress can help our country’s farmers, ranchers and rural communities continue to grow and thrive by ensuring that they have access to the credit they need.” CISA News: Identity & Access Management Best Practices
Identity and access management (IAM) is a framework of business processes, policies, and technologies that facilitate the management of digital identities to ensure that users only gain access to data when they have the appropriate credentials. A passionate advocate for the use of AI, Udell said the emerging technology enables the collective knowledge of the internet to be tailored to the needs of an individual customer. AI platforms such as ChatGPT can make strong employees even better, Udell said, and can be used to help a bank through a challenging employee situation and write job descriptions. The emerging technology can be used to apply common assessments such as Myers-Briggs and StrengthsFinder while also writing job descriptions. Udell’s discussion came as regulators become more open to banks using AI. The bipartisan House Taskforce on AI outlined the risks and opportunities it sees from the emerging technology late last year, while calling for the United States to be competitive in the sector. The National Institute of Standards and Technology has produced guidelines to help organizations manage AI-related risks. Back to Top |
