In a backdoor move to impose a de facto price cap on overdraft fees, the CFPB today proposed to apply requirements of Regulations Z to overdraft fees at banks and credit unions with more than $10 billion in assets.
Browsing: Compliance and Risk
A gust of new regulations on lenders would add headwinds for beleaguered small businesses
Lenders still expect borrower profitability to remain relatively elevated this year.
ABA Regulatory Compliance Inbox: Does Section 1071 of the Dodd-Frank Act define when banks must collect demographic information?
The bank’s first request for information may not be made simultaneous with or after notifying the applicant of action taken.
The CFPB may not proceed with rulemakings on overdraft and NSF fees until it assesses the economic effects of the rulemakings on community banks and credit unions, as it is required to do under the Dodd-Frank Act, ABA asserted in a joint letter with the Independent Community Bankers of America and America’s Credit Unions this week.
Compliance risk, interest rates, credit top banker, expert concerns going into the new year.
We need to strike the right balance between managing risks, pushing back on unfair rules and leaders and keeping ourselves moving forward with innovation.
ABA raised concerns that several aspects of the CFPB’s proposal to implement Section 1033 of the Dodd Frank Act—which governs financial data sharing—”may appear reasonable in the abstract but will break down in practical application.” The association offered several recommendations for improving the effectiveness of the proposal, while emphasizing that the CFPB failed to provide adequate time for public comment given the rule’s scope.
The banking agencies have updated their uniform rules of practice and procedure to recognize the use of electronic communications in all aspects of administrative hearings and to other increase the efficiency and fairness of administrative adjudications.