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House Panel Approves Internet Gambling Bill (7/30/10) The House Financial Services Committee approved by a 41-22 vote a bill (H.R. 2267) that would create a licensing system for online gambling. ABA noted in a memo to the panel that the legislation “could force lenders to assume liability for the actions of others when banks are following all of the rules.” The committee adopted a manager’s amendment to the bill that would exclude financial-services providers from liability “unless such provider has knowledge that the specific financial activities or transactions are conducted in violation” of the act. The panel also adopted Rep. John Campbell’s (R-Calif.) amendment that, among other things, would require the creation of a federal list of illegal gambling sites. ABA will continue to follow the legislation closely during the legislative process and work to prevent any new burdens from being imposed on banks.
Agenda for Fed’s August 5 HMDA Hearing (7/30/10) The Federal Reserve announced the agenda and panelists for the second of four public hearings on August 5 in San Francisco on potential revisions to Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). Hearing topics will include reportable HMDA data elements; rule changes on the types of institutions required to report HMDA data; and emerging mortgage-market issues likely to affect the HMDA data’s usefulness and accuracy. Other hearings will be held September 16 at the Chicago Federal Reserve Bank and September 24 at the Fed headquarters in Washington, D.C. More Compliance News
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