ABA: CFPB Should Rely More on Supervisory Process, Not Enforcement Actions

In a comment letter to the Consumer Financial Protection Bureau today -- the third of 12 the association will submit as part of the bureau’s ongoing feedback initiative -- ABA called on the bureau to seek resolution of regulatory violations and compliance management weakness through the supervisory process rather than rushing to enforcement actions.

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Trades Support Fed Proposal to Harmonize Reg J, Reg CC

ABA earlier this week joined three other financial trade groups in offering support for a Federal Reserve proposal to harmonize Regulation J -- which governs the collection of checks or other items by Federal Reserve banks and funds transfers through Fedwire -- with Regulation CC, which implements the Expedited Funds Availability Act. 

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