The Office of the Comptroller of the Currency today released its bank supervision operating plan for fiscal year 2023. The four-page document provides the foundation for policy initiatives and supervisory strategies as applied to individual national banks, federal savings associations, federal branches, federal agencies and technology service providers. The OCC staff uses the plan to guide supervisory priorities, planning and resource allocations.
The financial services industry remains a prime target for brand impersonation scams, with phishing emails and websites impersonating financial institutions making up a third of online traffic to counterfeit domains, the cloud platform provider Akamai said.
The CFPB released an FAQ about applying Truth in Lending regulation to buy now, pay later products, such as how to apply credit card periodic statement requirements to pay-in-four BNPL products that are accessed by digital user accounts.
The FDIC said that credit unions may need to provide additional information when applying to acquire a bank as they are not subject to the Community Reinvestment Act. ABA pushed for more scrutiny of bank acquisitions by credit...
The Federal Open Market Committee announced that it would lower the target range for the federal funds rate by 50 basis points to 4.75-5%.
The Justice Department announced that it would no longer use its 1995 bank merger guidelines and instead rely on its 2023 merger guidelines to review proposed mergers across all industries, including banks.
ABA and six financial industry associations said that they continue to oppose a proposed data privacy bill that would conflict with privacy requirements already in place for banks and other financial institutions.
