The 2024 compliance outlook
Change is the only constant and banks’ processes must be fine-tuned to detect all that happens in a rapidly-transforming regulatory environment.
Change is the only constant and banks’ processes must be fine-tuned to detect all that happens in a rapidly-transforming regulatory environment.
The bank’s first request for information may not be made simultaneous with or after notifying the applicant of action taken.
ABA said HSAs should be excluded because of the differences between IRAs and HSAs, and applying the rule would “significantly and unnecessarily” increase the cost of offering HSAs.
FDIC Chairman Martin Gruenberg said that proposed interagency rulemaking to implement incentive pay requirements in the Dodd-Frank Act likely won’t happen before the end of the year.
“Banks have long supported consumers accessing their own data, but believe it should be done in a safe and sound way that provides them with control,” says ABA VP Ryan Miller. With respect to Section 1033 of the Dodd-Frank Act, the CFPB “has attempted to put that into place here.”
Another indication of significant challenges ahead is the 888-page final rule’s frequent use of a version of the term “reasonably designed procedures”—175 times.
Bankers should familiarize themselves with privacy as well as the ways in which it manifests in the epicenter of AI and open finance.
ABA last week called for substantial revisions to the CFPB’s recently proposed guidance on the “abusiveness” standard as defined by the Consumer Financial Protection Act.
The CFPB released a long-awaited final rule implementing Section 1071 of the Dodd-Frank Act, which requires the collection and reporting of credit application data for small businesses, including women-owned and minority-owned small businesses.
Following the failures of Silicon Valley Bank and Signature Bank earlier this month, the Biden administration called on Congress to expand the FDIC’s authority to claw back compensation from executives at failed banks, bar bank executives at failed banks from holding jobs in the banking industry and bring fines against executives of failed banks.