The Federal Reserve, FDIC and OCC on Friday launched the third round of comments in the decennial Economic Growth and Regulatory Paperwork Reduction Act review cycle, which is mandated by Congress in order to identify bank regulations that are outdated, unnecessary or burdensome.
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Federal Communications Commission Chairman Tom Wheeler yesterday circulated a summary of his proposal to clarify the Telephone Consumer Protection Act’s restrictions on autodialed calls and texts. One item to be addressed is ABA’s petition to the agency for an exemption from TCPA’s requirement for “prior express consent” for autodialed calls to alert bank customers to fraudulent transactions, data breaches and actions required to complete funds transfers.
The Financial Crimes Enforcement Network is exploring ways of more effectively sharing information in the fight against money laundering/terrorist financing, FinCEN Director Jennifer Shasky Calvery said at the Royal United Services Institute’s workshop on “Tackling Money Laundering: Towards a New Model for Information Sharing” in London.
Hundreds of lawmakers wrote to the Consumer Financial Protection Bureau last week urging Director Richard Cordray to provide an enforcement grace period after the TILA-RESPA integrated disclosures take effect on Aug. 1 running through the end of 2015.
ABA and other trade groups last week urged the Consumer Financial Protection Bureau to solicit public comment on its recently issued arbitration study before it considers rulemaking on the subject.
The Federal Reserve today requested comments on changes that the regional Federal Reserve Banks would make in connection to NACHA’s same-day ACH rule.
At the direction of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac yesterday announced new standards that mortgage institutions would have to meet in order to sell loans to or service loans on behalf of the housing GSEs. The new standards include net worth, capital and liquidity requirements both for depository institutions and for nonbanks.
FinCEN announced that Jamal El-Hindi will be FinCEN’s new deputy director. El-Hindi joined FinCEN in 2006 where he was head of the former regulatory policy and programs division.
Just two months remain before the Volcker Rule goes into effect on July 21, and ABA will host a conference call on Wednesday, May 27, to allow bankers to discuss exam preparedness and Volcker-specific compliance issues.
Surface benefits for consumers from the 2009 Credit CARD Act have been offset by significant negative effects, ABA told the Consumer Financial Protection Bureau yesterday.