As part of its implementation of the Anti-Money Laundering Act of 2020, the Financial Crimes Enforcement Network on Friday sought public feedback on a new process for issuing no-action letters.
Browsing: Compliance and Risk
While expressing overall support for the FDIC’s Statement of Principles for Climate-Related Financial Risk Management for Large Financial Institutions, ABA today emphasized the need for a “flexible and iterative, principles-based approach” until the data and methodologies for understanding climate-related financial risk are more fully developed.
Ramping up production of these essential components is complex and requires billions of dollars in investment and years to come online. Other trends such as increased demand for electric vehicles and green energy are creating a sustained surge in demand for relevant raw materials.
The American Bankers Association and the Consumer Bankers Association this week expressed support for the Consumer Financial Protection Bureau’s recent announcement that it will increase nonbank supervision.
In a new circular, the CFPB said that under the Equal Credit Opportunity Act and Regulation B, creditors are not permitted to use complex algorithms in credit decision-making if doing so means they are unable to provide “the specific and accurate reasons for adverse actions.”
Financial institutions will benefit by embracing innovation and being proactive during breaking developments.
As lawmakers attempt to reconcile the House and Senate versions of the America Competes Act, the Conference for State Bank Supervisors today advocated for the SAFE Banking Act to be included in the final version of the bill.
The CFPB issued an interpretive rule stating its view that state regulators and state attorneys general have enforcement authority with regard to all provisions of the Consumer Financial Protection Act, based on its interpretation of Section 1042 of the CFPA.
VDPs open a communication channel to external cybersecurity researchers, while also encouraging current bank customers to participate in the feedback loop.
The FDIC today announced that it will reinstate the Supervision Appeals Review Committee as the final level of review in the agency’s supervisory appeals process.